About This Report
The Department of Housing and Urban Development (HUD) has chosen to produce both an Agency Financial Report (AFR) and an Annual Performance Report (APR). HUD will include its Fiscal Year (FY) 2013 APR with its Congressional Budget Justification and will post it on the Department's web site at www.hud.gov.
This AFR provides financial and summary performance information to the President, the Congress, and the American people. The report allows readers to assess HUD's performance relative to its mission, priority goals and objectives, and stewardship of public resources. The AFR is divided into three sections:
Section I – Management’s Discussion and Analysis (MD&A). This section provides an overview of HUD’s FY 2013 results, and includes the following categories:
- Mission, Organizations and Major Program Activities, and Strategic Plan;
- Priority Goals, including 3rd quarter FY 2013 year-to-date program results;
- Analysis of Financial Condition and Results for FY 2013;
- Management Assurances concerning compliance with laws and regulations; and
- Summary of progress in eliminating and recovering improper payments.
Section II – Financial Information. This section presents HUD’s consolidated financial statements and accompanying notes for FY 2013 and the independent auditor’s report on those financial statements. This section also contains Required Supplementary Stewardship Information and Required Supplementary Information.
Section III – Other Information. This section presents other required or Agency-deemed important information such as Improper Payments Reporting Details, the Secretary’s Audit Resolution Report, and the HUD Office of Inspector General’s (OIG) independent assessment of the Department’s major management and performance challenges, as well as progress in addressing those challenges.
Appendices – Contains a list of defined acronyms, web sites for the endnotes referenced within the document, and data sources, limitations and advantages, and validation.
HUD receives the Association of Government Accountants Certificate of Excellence in Accountability Reporting award for its FY 2012 Annual Report
FY 2012 marked the seventh year that HUD participated in the CEAR review process, and it is a tribute to all those involved in the annual reporting process that HUD has received this prestigious award for the seventh consecutive year.
The CEAR program was established in 1997 in conjunction with the Chief Financial Officers Council and the Office of Management and Budget to improve financial and program accountability by streamlining reporting and improving the effectiveness of such reports. The Certificate is awarded to agencies that have demonstrated excellence in presenting performance and accountability information in an integrated and user-friendly format.
|FY 2013 Agency Financial Report|
Table of Contents
Message from the Secretary,
I am pleased to present the U.S. Department of Housing and Urban Development's Agency Financial Report (AFR) for Fiscal Year (FY) 2013. It shows that 5 years after the housing bubble burst—working closely with partners on the ground—we are making great progress in building ladders of opportunity that reach all communities.
In HUD's Strategic Plan for FY 2010—FY 2015, we outlined a series of strategic goals aimed at achieving a core mission: creating strong, sustainable, inclusive communities and quality, affordable homes for all. In the years since, we have worked tirelessly to fulfill this charge—efforts that are making a positive impact for families across the country.
This report demonstrates that, even in this tough fiscal environment, HUD continues to meet and exceed many of the goals it has outlined for itself. The following pages detail HUD's financial results for FY 2013 and performance results as of the end of the 3rd quarter—with a specific focus on the Department's internal 2-year (FY 2012—FY 2013) Agency Priority Goals.
The corresponding measures and results through June 30, 2013, the 3rd quarter of the second year of those goals, are briefly described in the full AFR FY 2013 Report.