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Section 3

  Asset Management > Program Compliance Accounting


> Annual Financial Statements

Annual financial statements are due in MHDC’s St. Louis office within 90 days of each property’s fiscal year-end. Extensions will be granted on a case-by-case basis. Extensions must be requested through MHDC’s Asset Management Reporting System (AMRS) indicating the reason(s) the extension is needed. MHDC will notify you in writing of the approval or denial of your extension request, but in no case will more than one 30-day extension be granted.

The AFS should include the following schedules, at a minimum: (Balance Sheet & Inc. Statement with Account Numbers)



bulletAuditor’s opinion on the financial statements
bulletBalance Sheet
bulletStatement of Income and Expense
bulletStatement of Retained Earnings/Owner’s  Equity
bulletStatement of Cash Flows
bulletSchedule of Funds
bulletNotes to the Financial Statements
bulletNotes Payable (other than the mortgage)
bullet Changes in Fixed Assets
bullet Schedule of Eligible and Allocated Federal and State Tax Credits Updated
bullet Compliance and Internal Control Comments**
bulletSchedule of Audit Findings**
bullet Prior Audit Findings Resolution Comment**
bullet Mortgagor's Certification
bullet Managing Agent’s Certification
bullet  Required Supplemental Data including:

Mortgage Escrow Deposits

Reserve Funds

Schedule of Supportive Services

Surplus Cash Distribution*

Residual Receipts Calculation*

Equity Distribution Calculation*


* Not required for Tax Credit Only Properties
** Required for all HUD Insured financial statements, Rural Development and MHDC HOME Fund Audits


bullet2016 Audit Guidance Memo
bulletAFS On-Line Submission Training Materials  (Last Updated 01/16/07)
bullet MHDC Chart of Accounts  (Last Updated 12/23/16)
bulletAnnual Financial Statement and Budget Submission Requirements (Last Updated 01/16/07)
bulletCommon Financial Statement Errors & Findings
bullet Frequently Asked Questions (FAQ’s) about Online Submission  (Last Updated 01/16/07)
bullet Frequently Asked Questions (FAQ’s) about Annual Financial Statements (Last Updated 01/28/10)
bulletFrequently Asked Questions (FAQ’s) about Surplus Cash  (Last Updated 01/16/07)



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