Implementation of Quarterly Operator Financial Statements
On March 6, 2015, Tim Gruenes, Director of Asset Management, Office of Residential Care Facilities, at HUD released a memo to all section 232 lenders/servicers, borrowers and operators.
- Quarterly balance sheets and income statements are required for all Section 232 FHA-insured projects.
- If you operate on a calendar year, the reports must be sent to the Lender (via the online 232 Healthcare Portal or email) by May 31 for the first quarter of 2015.
- The financial statements should be quarterly fiscal year-to-date and reflect operations at the facility level.
- You will receive an email by March 9th to register for an online training about the 232 Healthcare Portal that may be used to submit the financial statements.