frequently asked questions
multifamily housing-systems

There is no limitation on the size of the narrative that can be placed in any of the narrative submission boxes. However, if the narrative exceeds the size of the data input box on the computer screen, you will not be able to print the full narrative at that time. Since you are printing from an html view in Netscape, you can only print the text that is actually showing in the input box on the screen. However, you can later print the full narrative from the "list" option, after data validation, and can return to the data entry screens for any necessary changes, prior to final data submission to HUD.

2. Given that the AICPA does not prescribe a standard format for Notes to the Financial Statements, and that many project audit reports may not present the notes in the same format prescribed by the FASS submission templates, do project owners have any flexibility in how the Notes are input into FASS, to avoid having to cut and paste the actual Notes in a manner that may distort the actual presentation and meaning?

FASS allows that the Notes on Organization and Presentation, and Significant Accounting Policies, can be combined and submitted in Account # S3100-010, as actually presented in the hard copy audit report. However, the Notes on Prior Period Adjustments, Mortgages Payable, Notes Payable and Related Transactions must be separately input in the fields provided, when they are applicable, because the FASS business rules and assessment processes require the input of specific supporting details for these 4 types of Notes. All "Additional" Notes may be combined and submitted as actually presented in the audit report, through input to the first narrative input box for Additional Notes.

Auditors can site the new rule on "Uniform Financial Reporting Standards for HUD Housing Programs," and the accompanying "Industry User Guide for the Financial Assessment Subsystem - Submission (FASSUB)," as the basis for the new format of the supplemental financial data related to the audited financial statements. If auditors continue to use the old presentation format prescribed by HUD Handbooks 2000.04 and 4370.2, the substance of the information is the same, and therefore should still facilitate the owner's electronic submission of required information through the FASS. Regardless of the format of the presentation of the supplemental project financial data, the information and the related audited financial statements must be based on the revised HUD Chart of Accounts for multifamily housing projects. The Chart of Account revisions are reflected in the Industry User Guide for FASSUB, and are provided in a side-by-side comparison with the old Chart of Accounts in a document entitled "HUD Guidelines on Multifamily Housing Financial Reporting Revisions," which is also available on REAC's Internet web site.