Annual financial reports.

CFR · 2024-01-01 · US · Title 7

(a) (2) Non-profit borrowers that receive $750,000 or more in combined Federal financial assistance must meet the audit requirements set forth by OMB, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, found at 2 CFR parts 200 and 400. Borrowers must provide a copy of this audit to RHS in compliance with these financial reporting requirements. (3) Non-profit borrowers that receive less than $750,000, and for-profit borrowers that receive less than $500,000in combined Federal financial assistance will submit annual owner certified prescribed forms on the accrual method of accounting in accordance with the Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants (AICPA). Borrowers may use a CPA to prepare this compilation report of the prescribed forms. (b) (1) Required accounts are properly maintained and tracked separately; (2) Payments from operating accounts are disclosed and accurately represented on financial reports; (3) The reserve amount is at the authorized level and there are no encumbrances; (4) Tenant security deposit accounts are fully-funded and are maintained in separate accounts and meet state and local requirements; (5) Amount of payment of owner return was consistent with the terms of the applicable loan agreement; (6) The borrower has maintained proper insurance in accordance with the requiremen

official document · source cfr-2024 · id 7:§ 3560.308