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.
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.
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Recent changes and adoptions of Rural Development’s financial reporting requirements for fiscal year 2018 have led to confusion about how to submit financial statements to RD’s offices. After talking with officials in Washington, DC, Lemler Group is here to clarify what you need.
Though not widely broadcast from the department itself, Rural Development is extending FY 18’s financial reporting deadline for multi-family housing properties.