Affordable Housing Accounting Services
Since its inception in 1979, Polcari & Company has served the affordable housing industry by providing audit, fee accounting and financial consulting services to Public Housing Authorities and other entities engaged in providing affordable housing.
FEE ACCOUNTING SERVICES
At Polcari & Company we view fee accounting services as much more than processing transactions and preparing financial statements. Our well-trained, experienced and dedicated staff of professionals is uniquely qualified to assist your CEO and Board of Commissioners by becoming part of the housing authority’s management team. As part of your team, we will provide consulting and financial services that bring value to your organization. Those services include:
- Reviewing and evaluating your internal control structure and making recommendations to improve controls and operational efficiency
- Training staff and commissioners to improve their skills, knowledge and effectiveness
- Evaluating your accounting staff and providing recommendations for improvement
- Serving as your liaison with HUD and other oversight agencies
- Preparing your unaudited Financial Data Schedule (FDS) together with supporting workpapers
- Providing our workpapers to the CPA firm performing your annual audit and serving as your liaison with the auditors
- Evaluating the financial health of your organization and making recommendations to improve your financial stability
- Ensuring that your organization is in compliance with all regulations pertaining to your federal aware programs
Fee accounting services are tailored to your Agency’s particular needs depending on the capacity of your internal accounting department. Those services may include:
- Preparing monthly financial statements
- Preparation of operating subsidy requests with the goal of obtaining the maximum subsidy allowable
- Performing monthly bank reconciliations
- Preparing year-end adjusting journal entries
- Maintaining fixed asset records
- Capital Fund Administration and Reporting
- Preparing program budgets as well as budgets required by oversight agencies, including the New Jersey Department of Community Affairs
- Preparation and submission of unaudited Financial Data Schedule (FDS)
- Analysis of monthly data of the housing choice voucher program and submission of VMS data
As members of your management team we will be available to meet with your Executive Director and Board of Commissioners to address any financial and accounting issues that arise. We believe that the professional relationship established with our client’s Executive Director and Board of Commissioners is the key to both the success of our clients and the growth of our firm. Therefore, we are committed to building relationships based on the highest quality service and punctual attention to your needs.
Polcari & Company provides fee accounting services for over twenty housing authorities, primarily in the Northeast. Call us to discuss how we can help your management team achieve your agency’s financial goals.
AUDIT SERVICES
Our objective when performing an audit of a public housing far exceeds the expression of an opinion on the fair presentation of its financial statements. We view the audit process as an opportunity to provide management with recommendations to improve your internal control, operational efficiency and financial health, while providing all information required by HUD and other users of your financial statements.
Our firm performs over forty housing authority audits annually under Government Audit Standards and the Single Audit Uniform Guidance. All members of our audit staff have an in depth understanding of HUD program regulations as well as Government Auditing Standards and the Compliance Requirements that have a direct and material effect on HUD programs. Therefore, we have developed effective and efficient audit programs and procedures to perform Single Audits. Our auditors are also extremely familiar with HUD REAC’s electronic submission requirements and can guide your staff through this process.
Polcari & Company undergoes a triennial peer reviews of our audit and accounting practices. A copy of our most recent peer review report is available on this web-site.
Call us to discuss your auditing needs. Our audit will provide senior management and your Board of Commissioners with the comfort of knowing that your financial statements are accurate, and you are in compliance with the requirements of major programs.
AFFORDABLE HOUSING AUDITS
Polcari & Company has been performing audits of financial statements presented in accordance with generally accepted accounting principles (GAAP) for over forty years. Our staff is extremely familiar with auditing standards generally accepted in the United States of America (GAAS) as well as Government Auditing Standards (the Yellow Book), Single audits performed under OMB Uniform Guidance, HUD’s Consolidated Audit Guide and the Uniform Financial Reporting Standards for HUD housing programs.
OTHER SPECIALIZED ATTESTATION SERVICES
Polcari & Company also provides other specialized attestations required by affordable housing developments, including:
- Cost certifications for affordable housing projects (LIHTC, HUD, others)
- Agreed-upon procedure engagements required by LIHTC and other projects
o Debt service coverage ratio analysis
o Tenant eligibility/compliance review
o Break-even analysis - HUD FASSUB/REAC filing, completion of the Agreed-Upon Procedures engagement and preparation of Supplemental Information Schedules, as required by HUD