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Multifamily Financial Reporting Requirements

The Compliance and Asset Management department is responsible for monitoring the conditions of properties financed and serviced by Virginia Housing.  This area's goal is to evaluate the physical state and financial soundness of the portfolio.

Financial reporting includes:

Financial Guidelines.PNG

NOTE:  Section 8, TCAP and Exchange properties are required to submit an annual third-party financial audit, an annual operating budget, and monthly operating summaries (MOS).

 

Monthly Operating Summary (MOS)

The Virginia Housing Monthly Operating Summary (MOS) form includes an instructions tab.  Reports are due 20 days following the end of the reporting month.

 

Annual Operating Budget

The budget submission package is due 60 days prior to the beginning of the fiscal year and should include the following:

 

Annual Financial Statements

Annual Financial Statements are due 90 days after fiscal year end.

(*) Annual Owner/Agent Financials requirement includes the following excel spreadsheets in the prescribed Virginia Housing format:

(**) Annual Audited Financials should be in accordance with generally accepted accounting principles (GAAP) and, where applicable, government auditing standards (GAS).  The Virginia Housing Mortgagor/Grantee Audit Guide was eliminated effective January 2020.

In addition to submitting the Annual Audited Financials, the following excel spreadsheets in the prescribed Virginia Housing format are required:

 

NOTE:  In addition to Virginia Housing audit requirements, owners should check applicable Investor/ HUD/ USDA audit requirements to ensure compliance with all programs. 

 

Instructions for submittal

1.  Access forms provided in the above links.

2.  Download a blank form(s) and save locally on your computer.

3.  Complete the form(s) while keeping in mind several rules unique to Virginia Housing's electronic data capturing process:

      • On the far right of each spreadsheet is a grayed section used to "map" your values to our database.  This is not visible on the printed document.  Do not delete this column.
      • Each report should contain the property operational data for only one property (and for only one month for MOS).  Workbooks with numerous tabs are not readable by Virginia Housing's system, thus the one form per each property (per month for MOS) instruction.

4.  Save form locally on your computer for the specific property.

5.  Email the submission to your Virginia Housing asset manager as an attachment.

6.  For the next submission, download a blank form as changes may have occurred.         

IMPORTANT:  Do not work off of a prior submission; it is essential to have a freshly completed form for each reporting period.        

  

  


 

NOTE: You will need Adobe’s Acrobat Reader (.pdf), and/or Microsoft Office Software in order to view some of the documents on this page.