In late-Jan., HUD published a notice titled “Financial Reporting Requirements for the Housing Choice Voucher and Mainstream Voucher Program Submitted through the Financial Assessment Subsystem for Public Housing (FASS-PH) and the Voucher Management System (VMS)” (PIH 2021-08). The notice details the requirement for submitting year-end financial information and submitting leasing and cost information through VMS.
There are certain entity-wide reporting requirements for entities with HCV programs and certain other financial reporting requirements. It states that for PHAs with both a public housing program and HCV program, entity-wide information should be submitted through the FASS-PH system. For PHAs that only have HCV programs, the notice provides alternative requirements, depending on whether the PHA with the HCV program is a stand-alone reporting entity; a part of a non-profit agency or non-general-purpose government entity; or part of a larger general-purpose government entity. Certain general-purpose government entities may also be required to procure independent public accountant services for financial and compliance procedures. The Department also requires that the financial data schedule (FDS) be issued as supplementary information to the financial statements.
Housing agencies with HCV programs are required to submit financial statements based on their fiscal year-end date. For those agencies that have a different fiscal year-end dated (based on the larger government entity’s or the larger non-profit’s fiscal year-end date), the notice provides information to align their organization’s fiscal year-end date with HUD’s systems.
The notice provides information on certain other topics. The notice provides information on the financial data schedule due dates depending on the agency’s fiscal year end. The notice also provides information on times when it is appropriate to request a FASS waiver or extension and the process to do so. There is also information on the programs that are required to reported in the financial data schedule (including CARES Act funding). There is also very basic information on the deadlines for VMS data entry. Finally, the notice provides information about non-compliance with HUD requirements and information on the possible administrative fee sanctions.
The full notice can be found here.