SUPPLEMENTAL REPORTS

· CHFA Form HM 6-50 (Rev. 12/2006), "Statement of Operations", must be included in the financial statements as a Supplemental Report or in place of the Income Statement. Please note that CHFA’s format incorporates additional accounts previously eliminated by HUD. Line item explanations are available by using CHFA Form HM 6-13 (Rev 01/02), "Addendum to HUD Chart of Accounts".

· CHFA Form HM 6-51 (Rev. 12/2006), "Computation of Surplus Cash, Distributions, and Residual Receipts", replaces Form HUD-93486. Accordingly, all developments subject to regulatory requirements necessitating the filing of HUD-93486 will continue to do so utilizing CHFA’s form and not HUD’s. This change was done to accommodate loan agreements which call for additional interest due CHFA. "Instructions for Preparation of CHFA Form HM 6-51 (Rev. 12/2006)" is available for reference purposes.

· CHFA Form HM 6-52 (Rev. 12/2006), “Computation of Net Operating Income”, became a required supplemental report beginning with fiscal year end December 31, 2003 going forward. The purpose of the aforementioned form is to compute Net Operating Income (NOI) derived from the current year project operations. The form assists the CPA to identify those financial transactions that CHFA requires as adjustments to NOI. "Instructions for Preparation of CHFA Form HM 6-52 (Rev. 12/2006)" is available for reference purposes.

· CHFA Form HM 6-53 (01/2007), "Schedule of Accounts Payable by Age",
was added effective with fiscal year-end December 31, 2006 to provide better oversight by both the Owner and CHFA.

NOTE: For those Certified Public Accountants who prefer to use one workbook, we now have four (4) supplemental reports (with download tab) available. The workbook is called HM 6-50 thru HM 6-53 (1 workbook).

All electronic submissions of the aforementioned forms should be sent to afs@chfa.org or a diskette may accompany your AFS which is mailed to your Asset Manager. The electronic forms must be submitted to us in the exact format as we created them in. They must not be altered. The electronic file for the “Statement of Operations – CHFA Form HM 6-50 (Rev. 12/2006)” must include the two worksheets.

All technical questions pertaining to the forms should be directed to Claudette Mertens at (860) 571-4210 or at claudette.mertens@chfa.org.

All accounting questions should be directed to John Peterson at (860) 571-4243 or at john.peterson@chfa.org.

DUE DATES

The complete AFS submission is generally due in our office sixty (60) days following the end of the development’s fiscal year. Please refer to your Regulatory Agreement for the required reporting time frame for your development. HUD-Insured Developments are granted an additional thirty (30) days beyond the sixty (60) day due date (ninety (90) days total), consistent with REAC reporting requirements. Any other extensions must be requested in writing and approved by the respective Asset Manager at CHFA.

Specific questions relating to the development should be directed to the assigned Asset Manager at CHFA.