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4370 2 REV-1 CHAPTER 3 FINANCIAL REPORTS AND - HUD - hud

4370 2 REV-1 CHAPTER 3 FINANCIAL REPORTS AND - HUD - hud-2025

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Chapter 3 of document 4370.2 REV-1 outlines the requirements for financial reports and supporting data that mortgagors must submit to HUD. It details the responsibilities of Independent Public Accountants (IPAs) in auditing these financial statements, ensuring compliance with Generally Accepted Accounting Principles (GAAP), and providing opinions on the reliability of the financial reports. The chapter emphasizes the importance of maintaining separate books for each project, adhering to specific reporting formats, and includes guidelines for various types of financial statements required by HUD. Additionally, it discusses the necessary certifications from mortgagors and managing agents regarding the accuracy of submitted financial data.

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Click ‘Get Form’ to open it in the editor.
Begin by reviewing the introduction section, which outlines the responsibilities of the mortgagor and the Independent Public Accountant (IPA) regarding financial statements.
Fill out the required financial reports, ensuring that each statement is based on separate books and records specific to the project.
Complete the Statement of Financial Position, ensuring all prepaid and deferred items are accurately reflected.
Prepare a Statement of Operations that includes gross potential income and any applicable expenses, following the guidelines provided in the document.
Ensure compliance with all reporting requirements, including notes to financial statements and supporting data as specified in the document.
Review your entries for accuracy before submitting. Utilize our platform's features to save your progress and make edits as needed.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What are the financial statements of a not-for-profit organization?

Nonprofit financial statements are formal records that detail your nonprofits financial activities. They track how money is received, allocated, and retained. Beyond helping your organization meet legal requirements, they also promote transparency and help you evaluate your performance.

What is the statement of cash flows for HUD?

The Statement of Cash Flows documents transactions that the project made during the reporting period that may not be shown clearly on the Statement of Income or the other primary financial statements. A HUD project experiences changes in cash flows throughout the accounting period.

Does HUD require audited financial statements?

Property Owners and Managers of HUD-Assisted Housing: Owners and managers of rental properties that receive HUD assistance are also obligated to provide audited financial statements. This ensures that the funds used for maintaining and managing these properties are properly accounted for.