Common Housing and Urban Development (HUD) Multi-Family Housing Findings As a result of having a HUD-insured mortgage loan, there are rules and regulations that need to be followed to remain in compliance. When certain requirements are violated, the result can be a...
For our team, 11:00am means lunchtime! Whether watching the clock or taking the cue from the microwave’s hum, by 11:05 there are footsteps buzzing around the kitchen. Why do we all grab lunch around the same time you may ask? Part of that answer is simply because we...
Gifts or donations given to your organization are synonymously referred to as contributions or in-kind contributions. In-kind contributions are goods or services other than money that are donated to your organization. This could include items such as furniture,...
Though employee fraud and dishonesty is rarely foreseeable, it is always possible. In order to protect your United State Department of Agriculture (USDA) – Rural Development (RD) property, you will want to understand what fidelity bonds are and how you should be...
Surplus Cash Overview For-profit HUD projects are given the opportunity two times a year to distribute surplus cash to the owners involved in the property. These biannual distributions always depend on calculating the property’s surplus cash and must be in...
If you’re like many affordable housing property owners or managers, you’re likely swimming in paperwork and files, desperate for decluttering. While there are many documents you can dispose of, there are many that are critical to your property’s compliance and legal obligations.
When you begin the process of refinancing your property, many banks will clamor for your mortgage – and claim to give you the best deal. Keep in mind that there are many options out there, and each bank will meet your business’s needs differently.
Our team members are no strangers to the challenge of taking the CPA exam, so they shared their tips, tricks, and advice to those embarking on this journey. No strategy is one-size-fits-all, but by learning what worked well for others, you may piece together what works best for you.
A new accounting standards update (ASU) requires all entities that produce financial statements to make a few changes to their classification and disclosures of restricted cash. These changes have multiple effects on not-for-profits and affordable housing properties, including HUD projects.
The key to making the 168(h) election is to be aware that you can only file it with the GP’s and the not-for-profit’s first tax returns. As long as you set up the partnership the right way and file a written election statement with the IRS, the election will last for the life of the partnership.