Public Housing and Governmental
The Public Housing Industry has many facets and we are involved in all aspects, including Public Housing Authorities, Tax Credit Partnerships for low income housing projects, developers of low income housing projects and various multi-family projects.
Our services in this area includes audits in accordance with Governmental Auditing Standards, also known as “yellow book”, OMB Circular A-133 requirements often referred to as “single audit”, HUD regulations and Governmental Accounting Standards. We file the necessary reports with HUD on their REAC system and are familiar with the compliance requirements of all of the different programs administered by HUD.
In addition to annual audits of Tax Credit Projects, we perform Cost Certifications, Rental Achievement Analysis, and Housing Tax Credit Carryover schedules. We also review compliance, not only with Federal and State Funding sources but also with IRS codes related to Tax Credits.
We have taught various courses to Finance Directors and Executive Directors of Public Housing Authorities related to financial matters, including asset based reporting, asset allocation alternatives and other accounting topics.
We are members of the American Institute of CPA’s Governmental Audit Quality Center (GAQC), the National Association of Housing and Redevelopment Officials (NAHRO) and the Affordable Housing Association of CPAS (AHACPA).
Our experience in this area extends regionally from New England to Florida and as far west as Ohio, as we are one of a small group of accounting firms to specialize in this industry.
We also provide audit and other services to Boards of Education, including escrow verification for bond refunding. The Comprehensive Annual Financial Report (CAFR) and the Auditor’s Management Report for New Jersey Boards of Education are due the first week of December and must be audited by a CPA who is also licensed as a Public School accountant.
Additionally, we have audit experience with other governmental agencies, including Municipal Utility Authorities.
All of our governmental reports include the Schedule of Federal Awards and the filing of the annual Data Collection Form.