Housing and Urban Development (HUD) Auditing Services
The U.S. Department of Housing and Urban Development (HUD) program aims to provide rental housing for individuals with disabilities, low-income families, and the elderly. Local Housing Agencies (HAs) and other organizations that work with HUD for public housing can often encounter stringent policies and regulations because they take advantage of grants and other federal aid from the HUD when securing and managing their properties.
For these organizations, compliance is key, and so is undergoing regular, complex audits. Working with a local accountant who specializes in HUD audits will ensure that your paperwork is accurate and up-to-date and that you remain in compliance with HUD standards. From the audit itself to specific tax considerations, procedures, and requirements, NMS CPA has you covered.
NMS Certified Public Accountants are licensed HUD auditors, able to provide expert services for organizations handling affordable public housing projects. Specific HUD audit services can include:
- Audit Services in Compliance with HUD Requirements
- Cost Certification Audits
- Financial Statements in Accordance with HUD & REAC Requirements
- Audit Services for Subsidized USDA Projects
- Accounting Services & HUD Reporting
- Closing Assistance
- Compliance & Financial Audits
- Tax Return Preparation
- Resolution of Audit & Compliance Findings Assistance
- Low Income Housing Tax Credit Audit
- Form 990 Preparation (NFPs)
- Annual HUD Audits
- REAC Submission
- Cost Certification Audits
- HUD Consulting
- HUD Compliance
As part of a HUD audit, property owners will need to provide proof that buildings meet minimum property standards per the HUD Guidelines for Durability. They will also need to show evidence of a set level of rent control. Our Ohio CPAs can make sure that if your properties qualify for the low-income housing credit, you receive any tax incentives that you’re due.
Who Needs HUD Auditing Services?
Organizations and housing authorities who have made use of a HUD-backed loan to purchase property for affordable housing will need to undergo annual auditing. Auditors will need a wide range of documentation, including:
- Regulatory Agreement
- Affirmative Fair Housing Marketing Plan
- Tenant Selection Plan
- Management Certification
- Management Entity Profile
- Surplus Cash Calculations and Support for Owner Distributions
- Insurance Policies (Fidelity and Hazard/Liability)
- Work Order Listing
- Listing of Cash Receipts/Disbursements and Supporting Documentation as Requested
- REAC and/or Other Regulatory Agency Inspection Reports
- Replacement Reserve Withdrawal Requests and Approvals
- Any and all relevant financial, tax, and insurance records
HUD requires the complete audit to be submitted no later than 90 days after the end of the fiscal year. Your skilled local accountants can handle the inherent complexity of a HUD audit, but preparation is key to making the process as smooth and efficient as possible.
What Our HUD Auditing Services Entail
In addition to the aforementioned services, the certified public accountants at NMS CPA spend the time it takes to get to know you and your HUD project. We invest time and resources in education to ensure that our Ohio CPAs understand ever-evolving HUD guidelines and regulations to ensure the best experience for our clients. We understand why compliance is so important, and we do all we can to keep your affordable housing properties in good stead with governmental authorities. From field work to desk work, we pride ourselves on being thorough and providing a final audit report that is complete in every way. We provide copies of the final report and letters to our clients, and also submit the official report directly to HUD.
Work With a Certified HUD Auditing Professional
At NMS CPA, our Ohio, local accountants have years of experience and ample training in processing HUD–they’re ready to help your organization remain compliant with national guidelines. We work with and for our clients, offering face-to-face consultations along with the latest in digital accounting technology. Our leaders on the auditing team are members of various state and national CPA societies and are ready to put their experience to work for you.
Not every certified public accountant is qualified to conduct HUD audits. Work with a true professional–reach out to us to schedule your free consultation and to learn more about the full suite of business services we offer.
