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HUD Extending the Due Date for Certain Financial Statements

Recent Security Breach Leads to Global Extension for Owners with 6/30/15 Fiscal Year Ends

The U.S. Department of Housing and Urban Development (HUD) has issued a blanket extension for all 6/30/15 fiscal year end Real Estate Assessment Center (REAC) submissions (both owner and CPA certified) from the original due date (9/30/15) to 10/31/15.  The reason behind the extension as noted by HUD is but noted below:

A recent security breach at the U,S. Department of Census has caused the Federal Audit Clearinghouse (FAC) to be taken down. As a result, submissions of Data Collection Forms and reporting packages are not able to be made and the FAC has provided an extension until October 31, 2015. Since the HUD Agreed-Upon procedures engagement performed on FASS submissions includes procedures comparing information in the Data Collection Form to the information submitted to HUD via FASS, HUD is extending the due date for financial statements with fiscal year ending June 30, 2015, until October 31, 2015. This is a global extension and will apply to all submissions including owner certified and audited.

This may also impact December 31, 2014 audit submissions only that face the 9 month A-133 filing deadline which the FAC extended to October 31, 2015. If needed, those auditees should file for an extension.

If you have any questions, you may contact the HUD office near you, or the Federal Audit Clearinghouse at 800-253-0696, erd.fac@nullcensus.gov.
As always, you may also contact your Partner at AAFCPAs, or Tom Muldoon, CPA, CGMA at 774.512.4032, tmuldoon@nullaafcpa.com.

About the Author

Thomas Muldoon CPA
Tom specializes in providing assurance, tax, and business consulting services to sophisticated nonprofit organizations, including: multi-service human & social service organizations, early education and care (EEC) agencies, independent schools, Massachusetts Chapter 766 schools, and higher education institutions. Tom specializes in audits in accordance with generally accepted auditing standards, Government Auditing Standards, Uniform Guidance and program-specific audits, as well as the Massachusetts Uniform Financial Report (UFR). Tom is a member of AAFCPAs’ Revenue Recognition Task Force, providing consulting solutions to clients for the efficient and effective implementation of the new ASU, including: assessing the impact of the new standards, and guidance throughout the transition process.

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