Accounting, bookkeeping, budgeting, and financial management systems.

CFR · 2024-01-01 · US · Title 7

(a) (b) (2) Borrowers must describe their accounting, bookkeeping, budget preparation, and financial reporting procedures in their management plan. (3) Borrowers must notify the Agency of any changes in their accounting, bookkeeping, budget preparation, and financial management reporting systems through a revision of their management plan. (c) (2) At a minimum, borrowers must maintain the accounts required by their loan agreement or resolution. (3) The following list identifies the financial accounts that are required for each housing project. Additional accounts may be required by third-party lenders. Accounts are to be funded in the following priority order, except that paragraphs (c)(3)(iv), (v), and (vi) of this section are funded directly by tenant security deposits or patron capital receipts respectively: (i) General operating account; (ii) Real estate tax and insurance account (if not part of the general operating account or unless escrowed by the Agency); (iii) Reserve account (unless escrowed by the Agency in accordance with § 3560.65); (iv) Tenant security deposit account; (v) Membership fee account for cooperative housing; and (vi) For cooperative housing only, a patron capital account. (4) Amounts escrowed for taxes and insurance may be kept in the general operating account as long as the accounting system reflects the amount escrowed. (5) Regardless of the number or types of accounts established, the borrower must meet the following requirements: (i) All housing

official document · source cfr-2024 · id 7:§ 3560.302