When the end of your audit is in sight, the last thing you want to do is answer follow-up questions from HUD about the numbers you submitted. However, these questions are usually easy to answer and will help avoid strongly worded letters and hefty fines.
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Lemler Group is on the front lines of RD auditing standards.
In the past few years, USDA Rural Development (RD) has made deep changes to the financial reporting guidelines that affect properties all over the country. As part of crafting these guidelines, RD asked Lemler Group for help on the terms and explanations for the changes, and even published a template of our financial statements as an illustration.
Our Services
We produce audited, reviewed, or compiled financial statements for properties who receive funding from USDA-RD. We’re happy to answer any questions you may have about the audit process, and also provide the following services:
- Preparation of forms 3560-07 (Project Budget) and 3560-10 (Balance Sheet)
- Property classification under RD’s new rules for financial reporting
- Feedback and communication with RD agents
Timely Service
We prioritize your work to make sure you have all the necessary financial reports before RD’s deadline every year.
Easy Contact
No more paying for conversations about your audit. We keep in touch with our clients all year long, free of charge.
Few Interruptions
Tired of playing host to auditors for weeks on end? We can work remotely or in-house, whichever you prefer.
“I deal with a lot of auditors due to my various clients and you by far have been the most respectful, polite and easy to work with.”
— Tracy, Senior Accounting Manager of HUD Properties
RD Frequently Asked Questions
Which of my properties need an audit with the new RD regulations?
Not-for-profit properties with less than $750,000 of government assistance do not need to file an audit. For-profit properties with less than $500,000 also do not need to file an audit. However, to ensure you calculate this amount correctly, contact us for a full analysis (free of charge).
Why did RD change from number of units to federal funds received?
Overall, this change reduces the number of submitted financial statements and focuses on those properties that the government has given the most amount of money to. In the end, RD is tracking their risk better, and fewer properties need audits.
Are RD’s compliance requirements the same as HUD’s?
They are similar but not exactly the same. For example, HUD requires tenant file testing, but RD does not. RD requires certain reports about the replacement reserve account, whereas HUD tests this area differently.
Latest Blog Post
Popular RD Posts
Latest Blog Post
Popular RD Posts
Overview of 2018 Rural Development Handbook Changes
by Jeff Grogan | September 5, 2018 | Financial Guidance
The USDA changed how Rural Development regulates properties’ financial statements in 2018, but not every change in their handbook affects properties on a daily basis. The most dramatic changes affect AUPs, prescribed forms for non-audited properties, and the basis for requiring audits on for-profit properties.
Cost vs. Value of a CPA Firm
by Jeff Grogan | July 6, 2018 | Choosing an Auditor
When your organization is required to have a CPA firm prepare financial statements, you may think your best value is the firm with the lowest fee. That’s not always the case. It’s not just about how much the service costs; it’s about how well you’re served for any cost.