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Program Finance, Audits

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Program Finance, Audits & Internal Controls Julie Miles, Financial Analyst HUD-Kansas City, KS 913-551-5529 * Program Finance Low-Rent Public Housing Section 8 ... – PowerPoint PPT presentation

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Title: Program Finance, Audits


1
Program Finance, Audits Internal Controls
Julie Miles, Financial Analyst HUD-Kansas City,
KS 913-551-5529
2
Program Finance
  • Low-Rent Public Housing
  • Section 8 Housing Choice Vouchers

3
Public Housing Operations
  • Annual Submission of Operating Subsidy
    Calculation
  • Operating Subsidy Funded on Calendar Year Basis
  • PHA Draws Funds from the Line of Credit Control
    System (LOCCS)Monthly Limit
  • Eligible for Costs to Operate Public Housing
  • Operating Funds Can Only Pay for Low-Rent Program
    CostsCannot Transfer or Loan Funds to Any Other
    Program, Including Section 8 Housing Choice
    Voucher Program

4
Operating Subsidy Formula
  • Funding Period 1/1 to 12/31
  • Reporting Period 7/1 to 6/30 before Funding
    Period
  • CY 2007 PHA Level1 Calculation
  • CY 2008 Future Project/AMP LevelMultiple
    Calculations
  • Expense Level Based on Project Characteristics
  • Less Project Rent (Frozen at 04 Level CY07 to
    CY09)
  • Plus Project-Share of Add-ons
  • Equals Subsidy Eligibility
  • Less Proration

5
Section 8 Housing Choice Voucher (HCV) Program
Operations
  • 2-Part HCV Grant
  • Administrative Fee
  • Housing Assistance Payment (HAP)
  • Must Track Admin HAP Separately
  • Funded on Calendar Year Basis
  • Leasing Expense Data Reported to the Voucher
    Management System (VMS)

6
HCV Admin Fee
  • Eligible for Admin Costs HAP Costs in Excess of
    HAP Grant (up to Baseline)
  • CY 2009 Funding To Be Announced
  • CY 2008 Funding Based on Vouchers Under HAP as of
    the First Day of the Month
  • Calculated Quarterly Based on VMS Subject to
    Proration
  • Cannot Use for Over-Leasing (Vouchers Exceeding
    Annual Baseline)

7
HCV HAP
  • Eligible for HAP Costs Only
  • CY 2009 Funding To Be Announced
  • CY 2008 Funding Based on VMS Data for October 06
    to September 2007 Plus Inflation
  • Cannot Use for Over-Leasing (Vouchers Exceeding
    Annual Baseline)
  • 2004 PriorHAP Funding Adjusted at Year-End to
    Actual Cost (Year-End Settlement)
  • 2005First Year HAP Budget-Based, No Adjustment
    to Actual Cost

8
Reserves/Net Assets
  • Must Track Admin (Unrestricted) HAP
    (Restricted) Separately
  • 2003 Prior ReservesUse For Other Housing
    Purposes Permitted By State Local Law
  • 2004 AfterHAP Reserves Only for Provision of
    Section 8 Tenant-Based Rental Assistance,
    Including Related Development

9
Audits Internal Controls
  • Audit Requirements
  • Financial Assessment
  • Internal Controls

10
Requirements
  • OMB Circular A-133 Requires Single Audit if PHA
    Expends 500K or More in Federal Funds
  • Optional Non-A-133 Audit if Expends Less Than
    500K (Unless Audit Required by State Law)
  • Within 9 Months of FYE
  • Submit Electronic Copy of Audit to Real Estate
    Assessment Center (REAC)
  • Submit Paper Copy of Audit and Management Letter,
    if Noted, to Field Office

11
Requirements (continued)
  • Audit May Include
  • Specific Issues
  • Earlier Submission Date
  • GAAP Flyer 6 Procuring An Audit
  • http//www.hud.gov/offices/reac/pdf/gaapflyer6.pdf

12
Assessment
  • FASS Score Based on Unaudited Financial
    Submission to REAC
  • FASS Score Adjusted Based on Audited Financial
    Submission to REAC
  • Account Balance Changes
  • Audit Opinion Penalties
  • Audit Finding Penalties

13
Internal Controls
  • Document Expectations of Staff
  • Track Safeguard Assets
  • Checks Balances
  • Board Oversight
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