REQUEST FOR AUDITED FINANCIAL STATEMENTS
Every year, multifamily and healthcare borrowers must file with HUD an annual audited financial statement (AAFS) within ninety (90) days following the end of the borrower’s fiscal year.
STATEMENT FILING INSTRUCTIONS
Within 90 days of fiscal year end,
- Visit HUD’s online Real Estate Assessment Center (REAC)
- Upload an electronic version of your annual audited financial statement (AAFS) to REAC
- Submit a paper or electronic copy (preferred) to Love Funding by the applicable due date:
- Electronic copies should be emailed to: email@example.com
- Paper copies should be mailed to:
Love Funding Corporation
Attn: Asset Management
45 N Fourth Street, Suite 100
Columbus, OH 43215
ADDITIONAL REQUIREMENTS for Healthcare Operators
Starting with the 1st quarter of 2015, HUD announced Healthcare financial reporting requirements:
Operators of healthcare facilities financed under Section 232 of the National Housing Act (Section 232 Program) must submit to HUD and to Love Funding, on a quarterly basis, financial reports relating to facility operations.
HEALTHCARE FINANCIAL REPORTING INSTRUCTIONS
On a quarterly basis, certified financial statements must be prepared by the chief financial officer of the facility and submitted electronically to Love Funding at the following email address: firstname.lastname@example.org
- Financial statements must include a balance sheet, income statement and rent roll/census. Click here for a sample balance sheet and income statement.
- Certified statements can be produced to report monthly, quarterly or annual results and must be cumulative for the period covered
- Love Funding is responsible for verifying facility information and providing quarterly financial reporting to HUD. Please complete and include facility and financial information (click here to download the form) with each quarter’s submission. Note: Actual Number of Resident Days must be included
- For more information regarding HUD’s required certification language, click here
All quarterly reporting is due no later than sixty (60) days after the end of the period covered and no later than ninety (90) days after fiscal year end. In order to meet HUD’s deadline for Q3 2017, please submit financial reporting to Love Funding no later than November 29, 2017.
HUD has provided more information about the new financial reporting requirements on the HUD website. Click here to learn more: www.HUD.gov