Updates to VHDA Audit Guide for Fiscal Years Ending On After 12 31 06
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Updates to VHDA Audit Guide for Fiscal Years Ending On or After 12/31/10 Highlighted below are significant updates made to the VHDA Audit Guide for financial statements prepared for years ending on or after 12/31/10. Minor updates for clarity and consistency have been made throughout the Guide. We recommend that the Audit Guide be printed and reviewed in its entirety. Where a form has been updated, the fillable document has been reposted on the website. Questions can be directed to Nina Nolley at (804) 343-5859 or nina.nolley@vhda.com. Any substantial deviation from the VHDA Audit Guide, including formatting changes to schedules and reports, must receive the prior written approval of the VHDA assigned asset manager. Note: The Statement of Cash Flows, Statement of Profit and Loss and Balance Sheet are required in the VHDA formats. In addition to submission in the paper audited financial statements, the Statement of Profit and Loss and Balance Sheet must be submitted electronically using the forms and associated instructions found at http://www.vhda.com/BusinessPartners/PropertyOwnersManagers/MFLoanServicing/Pages/MFAuditGuide.aspx. Fillable PDF’s and/or Excel templates are provided as part of the Audit Guide on our website. The level of detail reflected in all VHDA forms must be included if the templates provided are altered. Failure to provide this level of detail may result in VHDA, at its option, returning the financial statements. ...
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Updates to VHDA Audit Guide for Fiscal Years Ending On or After 12/31/10
Highlighted below are significant updates made to the VHDA Audit Guide for financial
statements prepared for years ending on or after 12/31/10.
Minor updates for clarity and
consistency have been made throughout the Guide.
We recommend that the Audit Guide
be printed and reviewed in its entirety.
Where a form has been updated, the fillable
document has been reposted on the website.
Questions can be directed to Nina Nolley at
(804) 343-5859 or
nina.nolley@vhda.com
.
Any substantial deviation from the VHDA Audit Guide, including formatting changes to
schedules and reports, must receive the prior written approval of the VHDA assigned
asset manager.
Note:
The Statement of Cash Flows, Statement of Profit and Loss and
Balance Sheet are required in the VHDA formats.
In addition to submission in the paper
audited financial statements, the Statement of Profit and Loss and Balance Sheet must be
submitted electronically using the forms and associated instructions found at
http://www.vhda.com/BusinessPartners/Property
OwnersManagers/MFLoanServicing/Pages/MFA
uditGuide.aspx
.
Fillable PDF’s and/or Excel templates are provided as part of the Audit Guide on our
website.
The level of detail reflected in all VHDA forms must be included if the templates
provided are altered.
Failure to provide this level of detail may result in VHDA, at its
option, returning the financial statements.
Borrower Inquiry.
The website address for VHDA’s 24/7 multifamily mortgage loan
information
system
has
been
updated
throughout
the
Audit
Guide
to:
https://vhd.mfsasp.com/BorrowerInquiryWeb/common/login.jsp
.
This is the site that
mortgagors, management agents and CPA’s must use to obtain mortgage confirmations.
Mortgagor/Grantee’s Audit Guide
Table of Con
tents.
Updated to reflect revised report names and repagination, as needed.
Page 5, Item 20.
Information about the Multifamily RHIIP listserv email system has been added.
Page 12 - 22, Contents of Financial Statements.
Language has been updated to reflect the
changes in the appendices referenced below.
In addition, VHDA Supplemental Information has
been renamed Other VHDA Information.
Appendices
Append
ix A, A-1a, Mortgagor/Grantee Certification.
Document was expanded to provide
language for the mortgagor/grantee to certify that no additions, deletions, and or changes were made
to the electronically submitted formats for the VHDA Balance Sheet and Statement of Profit and
Loss.
A
ppendix A, A-3, Balance Sheet.
Tenant Security Deposits Reserved and Cash have been
combined in the asset portion of the form.
Detail is now required under the Fixed Asset portion of the
form.
Under Current Liabilities, it is not necessary to break out Current Portion 30 days and Over 30
Days for VHDA and Non-VHDA Mortgage Payable.
Items previously “scheduled” on the form can be
detailed in Other VHDA Information.
Note:
The Balance Sheet is required in the VHDA format.
In addition to submission in the audited financial statements, the Balance Sheet must be
submitted electronically using the form and associated instructions found at
http://www.vhda.com/BusinessPartners/Property
OwnersManagers/MFLoanServicing/Pages/MFA
uditGuide.aspx
.
1
Appendix A, A-4. Statement of Profit and Loss.
Items previously “specified” on the form can be
detailed in Other VHDA Information.
Note:
The Statement of Profit and Loss is required in
VHDA’s format.
In addition to submission in the paper audited financial statements, the
Statement of Profit and Loss must be submitted electronically to the assigned VHDA asset
manger
using
the
form
and
associated
instructions
found
at
http://www.vhda.com/BusinessPartners/Property
OwnersManagers/MFLoanServicing/Pages/MFA
uditGuide.aspx
.
Appendix A, A-6, Statement of Cash Flows.
Under Expenditures, the line for Real Estate Taxes
and Escrow Deposits has been changed to reflect only Real Estate Taxes.
In addition, real estate
tax and property insurance(s) escrows were separated in the Increase/Decrease section on page 2
of the form.
The items previously “scheduled” on the form can be detailed in Other VHDA
Information.
The Statement of Cash Flows is required in the VHDA format.
Appendix A, A-7, Notes to Financial Statements.
Section 5 Identity-of-Interest/Related Party
Transactions was added, replacing Appendix A, A-8, Identity-of-Interest/Related Party Transaction
Schedule.
Appendix A, A-8, Other VHDA Information, Accrued Expenses.
The form has been simplified,
requiring only description, date due and amount accrued.
Appendix A, A-8, Other VHDA Information, Accounts & Notes Receivable (Other Than From
Tenants).
The form has been simplified, requiring only name of borrower and balance due.
Appendix A, A-8, Other VHDA Information, Mortgage Reserve Funds (All Types
).
It is no longer
necessary to split out capitalized and expensed reserve withdrawals between audit and prior audit
years.
Additionally, the form has been simplified, requiring only financial institution and amount
when scheduling reserve funds in financial institutions other than VHDA.
Appendix A, A-8, Schedule of Funds in Financial Institutions.
The form has been simplified,
requiring only financial institution and amount.
Appendix A, A-8 Changes in Fixed Asset Accounts.
The form has been simplified to reflect only
land, land improvements, buildings, equipment, furniture and fixtures, and other.
Appendix A, A-8 Accounts Payable.
Other Than Trade Creditors and Trade Creditors have been
combined on the same form.
The time frame details have been simplified to reflect payables within
30 days and payables in more than 30 days.
The amount past due included in the payables due
within 30 days must be noted.
The details of payables at least 60 days past dues has been
eliminated.
Appendix A, A-8, Identity-of-Interest/Related Party Transactions.
This form has been eliminated
and details should be included in the Notes to Financial Statements.
Appendix A, A-8, Statement of Surplus Cash/Residual Receipts & Distributions.
Tenant
Security Deposits Reserved and Cash have been combined in the Cash portion of the form.
A line
item for Prepaid Rent was added under Current Obligations.
In addition, the instructions to this form
were updated to include these modifications.
Items previously “scheduled” on the form can be
detailed in Other VHDA Information.
Appendix A, A-8, Compensation of Partners or Officers.
This form has been eliminated.
Appendix A, A-8, Ownership Entity.
This form was previously titled Declaration of Ownership.
A
notation has been added to provide ownership entity details specified on page 20 of the Guide if this
is the initial report.
2
3
Appendix E, Quick Reference Chart.
This chart has been updated to reflect current contact
information.
Instructions for Electronic Submission of VHDA Balance Sheet and Statement of Profit and
Loss
1. Access
the
VHDA
Balance
Sheet
and
P&L
form(s)
from
http://www.vhda.com/BusinessPartners/PropertyOwnersManagers/MFLoanServicing/Pag
es/MFAuditGuide.aspx
.
2. Download a blank form(s) and save locally on your computer.
3. Complete the form(s) while keeping in mind several rules unique to VHDA’s electronic
capturing process:
On the far right of each spreadsheet, there is a column that is used to "map" your
values to our database.
This is not visible on the printed document.
Do not delete
this column.
As with most spreadsheets, the entry number column can accept values that are
copied and pasted from another cell reference, receive values from a linked location
by using “=”, and formulas may be built by using “=” as a prefix.
These excel forms
have not been password protected in order to allow for this functionality.
Each report should contain the development operational data for only one property.
Workbooks with numerous tabs are not readable by VHDA’s system, thus the one
form per development rule.
4. Save the form locally on your computer for the specific development.
5. Email the Balance Sheet and Statement of Profit and Loss to your VHDA asset manager
as attachments.
For
future
submissions,
download
a
new
blank
form(s)
from
http://www.vhda.com/BusinessPartners/Property
OwnersManagers/MFLoanServicing/Pages/MFA
uditGuide.aspx
.
