Compliance Reporting Requirements

Audited Annual Financial Statement Reporting Requirements

The Congregate Housing for the Elderly Program requires developments to submit an Audited Annual Financial Statement to both CHFA and DECD.  All financial statements must be prepared by a Certified Public Accountant in accordance with guidelines set forth in the DECD Accounting Manual and the State of Connecticut Single Audit Act.

• What should be included in the Audited Annual Financial Statement?

  The Audited Annual Financial Statement includes the following documents:  

  • Balance Sheet
  • Income Statement
  • Statement of Cash Flows
  • Statement of Owner’s Equity
  • Notes to the Financial Statements
  • Schedule of Findings
  • Auditee’s Corrective Action Plan (if applicable)

   

• When is the Audited Annual Financial Statement due?

  The Audited Annual Financial Statement must be submitted within six months of the end of a development’s fiscal year.

   

• In what format should the Audited Annual Financial Statement be submitted?

  The Audited Annual Financial Statement may be submitted in printed or electronic form (on diskette/CD) to CHFA and must be submitted in printed form to DECD.

   

• Where should the Audited Annual Financial Statement be sent?

  Developments that are administered by Housing Authorities are required to submit their Audited Annual Financial Statement to DECD, with a courtesy copy provided to CHFA.  Developments that are administered by non-profit corporations or other owners must submit their Audited Annual Financial Statement to CHFA.  Audited Annual Financial Statements may be sent to the following addresses: 

  Mailing Address: Connecticut Housing Finance Authority Attn: State Housing Portfolio 999 West Street Rocky Hill, Connecticut 06067

  Mailing Address: Department of Economic and Community Development 505 Hudson Street Hartford, Connecticut 06106

   

Annual Financial Statement Documents Found: 2  matches.   File Size Type Guidelines for Completing Annual Financial Statement In response to the newly released 2009 HUD Audit guidelines, this memo provides guidance for completing Audited Annual Financial Statements. 26K pdf State Housing Portfolio - Form 6-10 - Balance Sheet Operating Statement This form is used by any housing program within the State Housing Portfolio to meet quarterly financial reporting requirements which are due no later than 30 days after the end of each quarter. It may also supplement the 12-month audit report, which is due six months after a development's year-end. 775K xls File Size Type Found: 2  matches.

Annual Management Plan (Budget) Requirements

The Congregate Housing for the Elderly Program requires developments to submit an Annual Management Plan, also referred to as a Budget.  Congregate owners must complete both the administrative and congregate services area of the management plan template.  The Annual Management Plan forecasts income, operating expenses as well as capital improvements for the housing development, so that the owner, CHFA and DECD can project the development’s fiscal performance for the coming year.

• What should be included in Annual Management Plans?

  In general, Annual Management Plans include the following information:

  • Board Resolution approving budget
  • Board signed Management Plan
  • A list of development personnel including their position, salary and hours worked
  • An updated Capital Needs Summary

   

  When an Annual Management Plan incorporates a rent increase, the following additional information is required:

  • Justification of need
  • Rent roll
  • Rent analysis
  • Meeting notice to residents and sign-in sheet
  • Minutes to the public meetings

• When are Annual Management Plans due?

  Management Plans must be submitted to CHFA and DECD at least 60 days prior to the new fiscal year. 

   

• In what format should Annual Management Plans be sent?

  Management Plans must be submitted in the CHFA approved Microsoft Excel format. Management Plan cover sheets must be printed, signed and sent by US mail or by electronic mail in PDF format. 

  Mailing Address: Connecticut Housing Finance Authority Attn: [Your Asset Manager] 999 West Street Rocky Hill, Connecticut 06067

   

• Where should the Annual Management Plan be sent?

  Developments should send their Management Plans directly to their CHFA Asset Managers.

Management Plan Documents Found: 2  matches.   File Size Type State Housing Portfolio – Form 6-12 HA - Management Plan for Housing Authorities This housing authority management plan form provides an estimate of average annual income and expense for housing programs within the State Housing Portfolio. This form is submitted annually by a Housing Authority to CHFA. 187K xls State Housing Portfolio Management Plan - Form 6-12 This form is the management plan that provides an estimate of average annual income and expense for for-profit or non-profit housing programs within the State Housing Portfolio and is submitted annually by a Housing Authority to CHFA. 185K xls File Size Type Found: 2  matches.

Quarterly Financial Report Requirement

The Congregate Housing for the Elderly Program requires developments to submit Quarterly Financial Reports that must meet guidelines set forth in the DECD Accounting Manual.  These reports enable CHFA to monitor a development’s cash flow every three months and compare it to the development’s management plan.

• What should be included in a Quarterly Financial Report?

  Quarterly Financial Reports include the following items:  

  • Balance Sheet of Assets
  • Balance Sheet of Liabilities and Equities
  • Operating Statement
  • Administrative Fund summary of changes
  • Administrative Fund Analysis of Retained Earnings
  • Sponsor Affidavits

• When are Quarterly Financial Reports due?

  Quarterly Financial Reports must be submitted to the CHFA Asset Manager assigned to the development within 30 days from the end of the development’s reporting period.

   

• In what format should Quarterly Financial Reports be submitted?

  Quarterly Financial Reports must be submitted in the CHFA approved Microsoft Excel format.  The quarterly Affidavit page must be printed, signed and sent by US mail or by electronic mail in PDF format.

  Mailing Address: Connecticut Housing Finance Authority Attn: [Your Asset Manager] 999 West Street Rocky Hill, Connecticut 06067

   

• Where should Quarterly Financial Reports be sent?

  Developments should send their Quarterly Financial Reports directly to their CHFA Asset Manager.

   

Financial Report Documents Found: 2  matches.   File Size Type State Housing Portfolio - Affidavit for Financial Statements This legal statement is signed by designated officers of a housing program within the State Housing Portfolio and attests to the truth and accuracy of the financial information concerning that housing program. 16K pdf State Housing Portfolio - Form 6-10 - Balance Sheet Operating Statement This form is used by any housing program within the State Housing Portfolio to meet quarterly financial reporting requirements which are due no later than 30 days after the end of each quarter. It may also supplement the 12-month audit report, which is due six months after a development's year-end. 775K xls File Size Type Found: 2  matches.

Insurance Requirements

The Congregate Housing for the Elderly Program requires developments to maintain appropriate levels of insurance.  The types and levels of required coverage vary by development.   Proof of adequate, continuing coverage must be sent to CHFA on an annual basis when the policies are changed or renewed.

• What should be included as proof of insurance coverage? 

  Proof of insurance is established by providing CHFA with a Certificate of Liability Insurance and a separate Evidence of Property Insurance Certificate.  In addition, CHFA must be endorsed as “Additional Insured” on the General Liability Coverage and “Loss Payee" or “Mortgagee” on the Property Coverage.  An “Agent’s Policy Change Request” or Binder will operate as an acceptable form of evidence of these endorsements until the actual endorsement is issued and presented to CHFA.

  All insurance policies for which CHFA has an insurable interest must list CHFA as the Certificate Holder on each certificate as follows: 

  Mailing Address: Connecticut Housing Finance Authority - A.T.I.M.A. Attn: Corinne Nocida 999 West Street Rocky Hill, Connecticut 06067

• When is proof of Insurance coverage due?

  Proof of insurance is due upon insurance renewal or changes in coverage, agent or ownership.

   

• In what format should proof of insurance coverage be sent?

  The preferred format for proof of insurance is a PDF file.

   

• Where should proof of insurance coverage be sent? 

  Developments may submit proof of insurance by email or by US mail to:  

  Email: corinne.nocida@chfa.org Mailing Address: Connecticut Housing Finance Authority - A.T.I.M.A. Attn: Corinne Nocida 999 West Street Rocky Hill, Connecticut 06067

  Please note:  Proof of insurance may not be submitted by fax.

Insurance Documents Found: 2  matches.   File Size Type State Housing Portfolio - Insurance Requirements for Housing Authorities This summary from DECD sets forth the insurance requirements for Housing Authorities within the State Housing Portfolio. 717K pdf State Housing Portfolio - Insurance Requirements for Non-Profit & For-Profit This summary from DECD sets forth the insurance requirements for Non-Profit and For-Profit owners of developments within the State Housing Portfolio. 84K pdf File Size Type Found: 2  matches.

Replacement, Maintenance & Reserve Requirements

The Congregate Housing for the Elderly Program requires developments to maintain a Replacement, Maintenance, and Reserve Escrow Account at or above CHFA-specified minimum thresholds.  The minimum is $1000 per unit for elderly developments or such balances as may be reflected in the CHFA Capital Needs Distribution Schedule..

Please note:  HUD-insured developments must follow the HUD policies and procedures pertaining to minimum balances.

Tenant Profile Submission Requirement

CHFA reports on the demographics of affordable housing developments to the Connecticut Legislature each year to demonstrate the effectiveness of state-financed Congregate Housing for the Elderly Programs statewide.  The Tenant Profile Submission (TPS) represents the means by which CHFA collects this information.

• What should be included in Tenant Profile Submissions?

  Tenant Profile Submission Reports should include all demographic data related to the occupants of a development as of September 30th of the current year. The type of data required in a TPS includes income, family size, age, ethnic affiliation, head-of-household status and disability status, among others.

• When are Tenant Profile Submissions due?

  The Tenant Profile Submission report is required annually. CHFA notifies developments of the due date each year.

   

• In what format must Tenant Profile Submission Reports be submitted?

  Tenant Profile Submissions must be saved in the Microsoft Excel spreadsheet formatted by CHFA for each development.

   

• Where should Tenant Profile Submission Reports be sent?

  Tenant Profile Submissions must be emailed to chfashp@chfa.org.

  Tenant Profile Submissions may also be saved to a CD or diskette and mailed to CHFA:

  Mailing Address: Connecticut Housing Finance Authority Attn: State Housing Portfolio 999 West Street Rocky Hill, Connecticut 06067

   

TPS Documents Found: 3  matches.   File Size Type Tenant Profile Submission Instructions These instructions set forth the submission requirements for the input of tenant information required on the Tenant Profile Submission Reporting Form. 49K doc State Housing Portfolio - Tenant Profile Submission Reporting Form This excel form is used for the input of tenant demographic information that must be submitted by housing developments annually to CHFA. 97K xls Form B This form identifies vacant units by a housing development within the State Housing Portfolio. 48K doc File Size Type Found: 3  matches.

Lease Requirements

The Congregate Housing for the Elderly Program requires developments to utilize leases that meet the requirements of Connecticut General Statutes as well as federal and state Fair Housing laws.  In addition, every lease must contain a rider that clearly states the residency rules and regulations of the development.

Policy Requirements

The Congregate Housing for the Elderly Program requires developments to maintain written policies and procedures that comply with the DECD Accounting Manual, the CHFA-DECD Housing Manual, the Connecticut General Statutes and federal and state Fair Housing laws.    

Miscellaneous Annual Reporting Requirements

The Congregate Housing for the Elderly Program requires developments to submit various miscellaneous reports to CHFA each year, including:  

• Waiting List Survey
• Agency Update
• Property Information
• State Housing Portfolio directories

Miscellaneous Requirements Documents Found: 7  matches.   File Size Type Asset & Property Management Manual - DRAFT This draft manual sets forth the compliance and reporting procedures for developments within the State Housing Portfolio and CHFA-financed portfolio. 1032K pdf State Housing Portfolio - Agency Update This form requires owners of developments within the State Housing Portfolio to provide detailed information on their developments to CHFA every year. 50K doc State Housing Portfolio - Form 10-5 - Profit Non-Profit Owners Directory This form must be submitted annually to CHFA with current contact information for the owner/sponsor, site administrator, accountant, auditor and management agent of a for-profit or non-profit development within the State Housing Portfolio. 50K xls State Housing Portfolio - Form 10-1 - Housing Authority's Directory This form must be submitted annually to CHFA with current contact information for the Local Housing Authority Commissioner concerning any development within the State Housing Portfolio. 46K xls State Housing Portfolio - Property Information This form requires Housing Authorities with developments within the State Housing Portfolio to provide detailed information on their developments to CHFA every year. 90K xls Form C-2: Waiting List Survey-Eldery This form supplements "Form C-1: Waiting List Survey-State Programs" for elderly programs. 46K doc Form C-1: Waiting List Survey-State Programs This form provides demographic information on individuals and families on waiting lists to reside in affordable housing developments within the State Housing Portfolio in Connecticut. 45K doc File Size Type Found: 7  matches.

Questions? Contact CHFA.

For additional assistance, developments subject to the Congregate Housing for the Elderly Program requirements should contact their Asset Manager directly.   

Mailing Address: Connecticut Housing Finance Authority Attn: [Your Asset Manager] 999 West Street Rocky Hill, Connecticut 06067