Submission Info-Recent Updates
FASS-PH Release 126.96.36.199 and an updated system user guide implemented on 04/30/04. (09/17/04)
ATTENTION ALL PHAs!!! Effective Monday, March 15, 2004, the Department of Housing and Urban Development, Office of Public and Indian Housing - Real Estate Assessment Center (PIH-REAC) will be using your e-mail address in the Public and Indian Housing Information Center (PIC) as the ONLY official source of this contact information. What does this mean to you and your Housing Authority? (09/17/04)
- You must ensure that your information in PIC is current by March 14, 2004. This information must be kept current at all times.
- PIH-REAC will not consider the failure to receive email communication from PIH REAC as a valid basis for a PHA's appeal or a waiver request if that PHA has not maintained correct contact information in PIC.
- Maintenance of accurate data will help ensure timely communication to and from you and PIH-REAC.
For more detailed information on updating your information in PIC, contact your PIC coach or visit the following websites for useful reference materials:
SUMMARY OF CHANGES Changes to the Financial Indicator Methodology and Analysis Guide are a result of the expiration of the Public Housing Assessment System (PHAS) Interim Assessment Methodology and the reinstatement of the original PHAS Assessment Methodology for Public Housing Authorities (PHAs) with Fiscal Years Ending on or after September 30, 2003. (09/17/04)
The following represents changes made to this document due to the expiration of the interim and reinstatement of the original assessment methodology for PHAs.
- The 'Effective Period' section was updated to reflect the September 30, 2003 effective date of the PHAS assessment methodology as originally issued by HUD.
- The scoring methodology for the Current Ratio and the Month Expendable Fund Balance components was updated to reflect the original assessment scoring methodology being reinstated by HUD.
- Guide Clarification on Operating Transfers and Equity Transfers: GASB #34 and the Financial Data Schedule (FDS) There have been a number of questions posed by our clients as to the treatment of Operating Transfers and Equity Transfers on a GASB #34 Financial Data Schedule (FDS). The GASB #34 Statement considers these items as nonreciprocal inter-fund activities (paragraph 410 of the Statement). Nonreciprocal inter-fund activities are to be presented on the statement of revenues, expenditures and changes in fund balances as other financing sources or uses (paragraph 410 of the Statement). However, this presentation is applicable if the transactions are between different funds. The FDS, on the other hand, shows transactions between programs that are within the same fund. Because the FDS Operating Transfers and Equity Transfers are within the same fund, there is no change in their treatment on the Financial Data Schedule. Operating Transfers will continue to be shown on FDS lines 1001 and 1002 and Equity Transfers will be presented on FDS line 1104. FASS-PH apologizes for any confusion over this issue. (09/17/04)
- Accounting Brief No. 13. This new brief discusses the specific changes that have been made to the Financial Data Schedule (FDS) due to GASB Statement No. 34 requirements. (09/17/04)
Clarification on Submissions By Component Unit PHAs:
Effective with Fiscal Years Ended (FYE) 9/30/2001 and forward, PHAs that are component units have to submit audited information to FASS-PH. When creating the UN-audited Financial Data Schedule (FDS), the PHA should check the Component Unit (No Separate Financial Statement) box under the PHA Info tab only if : (1) the PHA is a component unit of the local government or local jurisdiction and (2) the PHA will not be receiving its own separate A-133 or non A-133 audit. FASS-PH apologizes for any confusion caused by the Component Unit box. (12/27/04)
Important Information Regarding Audited Financial Submissions
Beginning with Audited Financial Submissions for Fiscal Years Ending (9/30/01) and thereafter, please ensure that the proper files and reports are attached to the proper tabs in the Notes and Findings Link. For example, please attach the Notes to the Financial Statements to the Notes Tab; please attach the Financial Statements to the Financial Statements Tab, etc. REAC will reject an Audited Financial Submission from a Public Housing Authority if the proper reports or files are not attached to the correct tab. Please contact your FASS-PH Financial Analyst if you have any questions. You may find your Financial Analyst by Read more (09/17/04)