FDS Under Asset Management & Reporting Briefs

Proposed Project Based FDS Prototype

Public Housing Agencies (PHAs) are required, at year-end, to submit to HUD financial statements on all programs and business activities. These financial statements are submitted electronically through a prescribed Financial Data Schedule, or FDS.

Because of the change to asset management, and in particular the need to report project-level activity, the Department has redesigned the FDS. In conjunction with the release of PIH Notice 2007-9, issued April 10, 2007, the Department posted to this website a proposed FDS under asset management. That proposed FDS was intended to assist PHAs in their planning efforts, recognizing that the prototype was still in the development stage.

After internal testing, minor changes have been made to the proposed FDS under asset management which was previously posted. PHAs may find the resulting Excel Tool for financial reporting of un-audited Financial Data Schedule (FDS) and related FAQs at the following link;

http://www.hud.gov/offices/reac/products/fass/unaudited.cfm

Unaudited submissions for reporting periods 6-30-08 thru 3-30-09 are to be submitted through this Excel Tool. FASS-PH anticipates the Financial Assessment Subsystem (FASS) on-line system will become available to facilitate audited submissions by early April, 2009.

As previously presented, the major changes to the pre-asset management FDS made to accommodate financial reporting required under the new Operating Fund rule, and reflected in the Excel Tool, include:

• New columns (supplemental schedules) for each AMP;
• Combined accounting and reporting of financial activity of the Operating Fund and the Capital Fund Programs at the AMP level;
• A new column for the COCC (not used for small PHAs that do not convert to asset management using the COCC model) and a corresponding "elimination" column;
• New line items to accommodate changes in reporting requirements.

1. Reporting Brief 1 - The treatment of Certain Capital Fund Proceeds in Operating Budgets
2. Reporting Brief 2 - Capital Fund Program (Section 6 guidance modified regarding force account labor 04-16-08)
3. Reporting Brief 3 - Mixed Finance Reporting of Non-Component Units
4. Reporting Brief 4 - Central Office Cost Center (COCC) and Sale of Restricted Assets
5. Reporting Brief 5 - Financial Reporting for Capital Fund Financing Program (CFFP) Revenues and Expenditures
6. Reporting Brief 6 - Program Transfer Reporting