Affordable Housing Forward

This session provides an overview of the basic terminology used in discussing financial statements and covers the following topics:

• Financial reporting framework used by PHAs during the year (i.e., cash vs. GAAP-based transactions);
• Monthly financial statements provided by fee accountant or finance and how these financial statements differ from year-end financial statements;
• Types of reports a PHA should have available on a monthly basis (including those reports that a fee accountant typically would provide);
• Use of financial statements for monitoring; and
• Review of the various reports and schedules that an auditor will prepare as part of an audit.