Housing & Urban Development
As CPAs with broad experience in HUD project financing, we understand the subtleties and complexities of the financial and regulatory issues involved. Riney Hancock CPAs stands ready to provide you with the benefit or our expertise at all phases of your project.
Auditing and Financial Reporting
HUD imposes an annual audit requirement for profit motivated projects, as well as, non-profit projects exceeding specific federal financial assistance thresholds. Such audits must be performed in accordance with generally accepted governmental auditing standards as required by HUD’s Consolidated Audit Guide for Audits of HUD Programs for for-profit entities and the Single Audit Act for non-profit entities. As such, the audit is not only financial, but also an audit of the owner’s compliance with federal laws and regulations and a critique of the internal controls applied in administering the Federal funds.
Riney Hancock CPAs performs compilations for projects not requiring audits, as well as electronic filing of financial statements in accordance with HUD guidelines.
Other HUD Services
As construction of a project nears completion, Riney Hancock CPAs can perform the required cost certification audits of the developer’s cut-off financial statements and a Mortgagor’s Certificate of Actual Costs that are submitted to HUD.
Riney Hancock CPAs has experience assisting clients with electronically submitting the project owner’s financial report to HUD’s Real Estate Assessment Center (REAC), performing the required agreed-upon procedure engagement relating to the electronic submission, preparing the tax return for the entity that owns the HUD project, and providing consulting services.
Our Services Can Work For You
Our CPA specialists are always alert to the regulatory and financial intricacies involved in obtaining and maintaining Federal financing and support. We can assist at all stages of project planning, as well as, with consulting, auditing and accounting services to assure compliance with HUD regulations.
Contact us to learn more about the services we can provide our HUD clients.