HUD Surplus Cash – For-Profit

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...

How ASU 2016-18 Will Change Your Cash Flow Statement

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.

Do I Need an Audit After Changing My Year End Date?

For affordable housing properties and not-for-profit organizations, changing the year end date can be part of a strategic plan to better serve those the organization supports. However, this transition can be confusing, and it helps to have the most up-to-date financial statements to help guide decisions.

How to Make the Most of an Audit Internship

Though interns in a CPA firm may seem like grunt workers, tackling all the menial tasks the staff accountants and managers don’t want to do, they play a vital role in our firm. Hear from a few of our former interns in what they would recommend for someone tackling an audit internship.

How to Respond to Questions About a FASSUB Submission

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.