Financial Reporting Requirements

Request for Audited Financial Statements

||Financial Reporting Requirements

REQUEST FOR AUDITED FINANCIAL STATEMENTS

Every year, Borrowers of multifamily and healthcare loans must file an annual audited financial statement (AAFS) with HUD within ninety (90) days following the end of the Borrower’s fiscal year. Annual audited financial statements should be transmitted to HUD electronically through the Real Estate Assessment Center (REAC). In furtherance of Love Funding’s asset management responsibilities, please also submit a paper or electronic copy (preferred) to Love Funding by the applicable due date.

STATEMENT FILING INSTRUCTIONS

Within 90 days of fiscal year-end:

  1. Visit HUD’s online Real Estate Assessment Center (REAC)
  2. Upload an electronic version of your annual audited financial statement (AAFS) to REAC
  3. Submit a paper or electronic copy (preferred) to Love Funding by the applicable due date:
    • Electronic copies should be emailed to: financialstatements@lovefunding.com
    • Paper copies should be mailed to:
      Love Funding
      Attention: Asset Management
      1250 Connecticut Ave, NW, Suite 310
      Washington, DC 20036
VIEW A PRINTABLE PDF

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. For more information about the new financial reporting requirements on the HUD website, click here.

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: financialstatements@lovefunding.com

  • 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

DEADLINES

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. 

QUESTIONS

TINA PELTON
AVP Asset Manager
tpelton@lovefunding.com
202.591.3682

NEAL KOERNER
Asset Manager
nkoerner@lovefunding.com
202.591.3649

2019-03-29T15:37:14+00:00 Industry News|