Financial Assessment of Multifamily Housing (FASS-MF)

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Over 20,000 Multifamily Housing Program participants are required to submit annual electronic financial statement data to HUD for assessing the financial condition of Multifamily Housing Projects.

	Highlights
See all News and Events...   Owners with overdue financial statements during the period from mid-September 2009 until March 9, 2010 were not sent overdue notices because of a system malfunction. A system correction was implemented on March 9th, and these owners received an overdue notification dated March 10, 2010. The notifications were sent even if the financial statements have since been submitted. If you received an overdue notification for a financial statement that has already been submitted you may disregard the notice, but please contact your local project manager about resolving any APPS flags that may have resulted from being overdue. If you received a notification but have not yet submitted please submit as soon as possible.   System performance issues have been identified which may cause users to experience slower than usual response times. This problem seems to be most pronounced at around 11:00 am eastern standard time. The Department is aware of this problem and is taking steps to correct it. As we enter into the busy submission season users are encouraged to make sure that system passwords are current. Please call the Technical Assistance Center at 888-245-4860 for assistance with password resets.   Reporting Requirements for Cooperative Owners The Office of Asset Management has determined that all HUD insured and/or assisted cooperatives must submit financial statements audited in accordance with OMB Circular A-133 for the fiscal year ending 12/31/09 and thereafter. Here is a link to the official memorandum: http://www.hud.gov/offices/reac/products/fass/ afr_requirements.pdf On December 31, 2009 the Office of Asset Management will run a production utility that will change the mortgagor type of all cooperative owners to a nonprofit. Beginning January 1, 2010 cooperative owners will no longer be able to file audits under the Inspector General's Consolidated Audit Guide IG2000.04. Audits for cooperative owners will have to be filed under OMB Circular A-133.   Clarification of Filing Requirements for Audited Annual Financial Statements for HUD Insured/Assisted Cooperatives.   Verification Screen The Verification screen in FASSUB requires submitters to verify certain critical information that is pulled from HUD's IREMS database (e.g. reporting period, mortgagor type, tax identification number, etc.). It is very important that this information be checked for accuracy and that any errors be corrected before a draft submission template is created. If financial statements are submitted with inaccurate reporting periods or other incorrect information then we must archive them and the owner must resubmit. If there are errors in ownership information the owner must correct these errors in the Active Partners Performance System (APPS). Instructions are available at http://www.hud.gov/offices/hsg/mfh/ apps/appsmfhm.cfm If there are errors in the reporting period you should contact your local project manager.   Passwords for secure systems expire in 90 days if they are not used. Don’t wait till the last Minute! Please test your password and if it needs to be reset contact the REAC Technical Assistance Center via email at REAC_TAC@hud.gov.   Technical Assistance Available via Email   Disappearing Accounts   Accounting Guidance for M2M Projects   Office of Asset Management Memorandum Concerning Leased Nursing Homes   User IDs Disabled after 90 Days of Inactivity   Secure Systems - Multiple Users Now Prohibited from Using Same ID   Terminology Changes in Response to SAS 112   REAC recently changed the name of two accounts   Updated Guidance for Changes in Owner Fiscal Year End