ANNUAL FINANCIAL STATEMENTS

CHFA requires the submission of Annual Financial Statements (AFS),
prepared by a Certified Public Accountant, to be submitted at the end of each fiscal year (see "Due Dates" below). CHFA's requirements are listed below. All CHFA's Multifamily forms and/or instructions may be accessed on our website at Asset Management Forms.

CHFA's requirements are as follows:

STANDARDS

On Nov. 15, 2002 FASS-MF issued the Summary of Financial Reporting and Auditing Guidance for HUD Multifamily Program Participants and Independent Auditors. This guidance presents, in one document, the accounting, annual financial reporting and auditing requirements for FHA/HUD multifamily program participants. Project owners, their property managers, and their independent auditors should use this document as a reference guide for accounting and auditing requirements for their respective programs. All Financial Statements must be prepared in accordance with Generally Accepted Accounting Principles (GAAP) and comply with HUD’s Industry User Guide for the Financial Assessment Subsystem - Multifamily Housing (FASSUB 7.0).   All financial statements must include:

· Balance Sheet
· Income Statement
· Statement of Cash Flows
· Statement of Owner's Equity
· Notes to the Financial Statements
· Signed Independent Auditor's Reports (Compliance, Internal
  Controls, Federal & State Programs, etc.)
· Schedule of Findings
· Supplemental Reports (see link to section below)
· Signed Mortgagor's Certification
· Signed Management Agent's Certification

Supplemental Reports