CROSSWALK GUIDE - HUD

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Financial Data Schedule Line Definitions and Crosswalk Guide GETTING STARTED All PHAs are required to electronically submit their year-end financial data to HUD, REAC in accordance with the submission requirements posted in the Federal Register (FR-4313-P-01) and summarized in the HUD PHA GAAP Conversion Guide. In order to facilitate the electronic submission of financial data, the PHA should gather and prepare certain information in advance of completing the FDS. Necessary information: Before beginning the process of inputting data into the FDS, the PHA should accumulate the following information: • PHA’s trial balance for each HUD program • GAAP required adjusting journal entries and conversion entries • FDS line item definitions as documented in the Posting Guide • Chart of account definitions used by the PHA • An electronic version of the FDS • HUD PHA GAAP Conversion Guide A copy of the FDS is included as Appendix A to the HUD PHA GAAP Conversion Guide (available on HUD’s website at www.hud.gov/REAC/reafin.html). Questions related to the conversion to GAAP standards should be discussed with the PHA’s independent accountant or auditor to ensure appropriate consideration and treatment of individual PHA conditions and circumstances. The independent accountant or auditor should be relied upon when determining and posting necessary adjusting journal entries. Completing the FDS: In order to complete the FDS, the PHA may follow the guidance below to get started: • Review this document and the GAAP Conversion Guide to obtain an overview of HUD’s reporting requirements, the GAAP conversion process, and the information to be reported on each line of the FDS. • Review the FDS to become familiar with the program and line information to be input. • Identify the trial balance accounts to be reported on each FDS line. Document the crosswalk of your trial balance or chart of accounts to the FDS based on your account definitions. This crosswalk should be retained for future reference. • Determine the program or programs that are effected by the GAAP conversion entries. The adjusting journal entries must be reported under the appropriate program or programs based on a reasonable identification or allocation of the entry amounts. • Record your financial data in the FDS by taking each year-end account balance and posting it to the appropriate program and FDS line. REAL ESTATE ASSESSMENT CENTER 4
Financial Data Schedule Line Definitions and Crosswalk Guide Completing the Data Collection Form: In order to complete the Data Collection Form (DCF) the PHA may follow the guidance below to get started: • If subject to OMB A-133, use OMB Data Collection Form as the basis for completing the DCF • Review the prior years audited financial statements to determine types of opinion, reportable conditions, material weaknesses, and other necessary information • Review the management letter provided by the auditor and assess whether areas discussed should be reported on the DCF • Complete the DCF for the unaudited submission as a self-assessment of what is expected to be reported in the audit • Complete the DCF for the audited submission using actual information from the auditor and audited financial statements FDS Electronic submission: The PHA must electronically submit the FDS in accordance with the submission requirements posted in the Federal Register. HUD will maintain a secure Internet connection site allowing the PHA to: • Transmit financial data • Review the submission status of transmissions HUD will provide software at the connection to facilitate the timely submission of accurate financial data. The software will automatically download each time it is utilized; assuring the most recent version of the FDS is available. This software is named the Financial Assessment Subsystem (FASS). REAL ESTATE ASSESSMENT CENTER 5
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CROSSWALK GUIDE - HUD

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