Rental 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:

 

Virginia Housing – Loan(s) Amount Outstanding	MOS Required	Budget Required	*Annual Owner/Agent Financial Statements	**Annual Audited Financial Statements
< $750,000	No	No	No	No
$750,000 – $2 Million	Yes	Yes	Yes	No
> $2 Million	Yes	Yes	N/A	Yes

 

NOTE: 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

Our Monthly Operating Summary (MOS) form is below. Instructions are included as a tab on the spreadsheet form. Reports are due 20 days following the end of the reporting month.

 

• Monthly Operating Summary

Annual Operating Budget

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

 

• Virginia Housing Budget Statement of Profit and Loss

• Management's budget format, including all income and expenses.
• List of capital expenditures with proposed funding source.
• Updated annual capital needs projection, if necessary.
  
  

Annual Financial Statements

Annual financial statements are due 90 days after fiscal year-end.

*Annual Owner/Agent Financial StatementsRequirements include the following Excel spreadsheets in the prescribed Virginia Housing format:

• Virginia Housing Statement of Profit and Loss
• Virginia Housing Balance Sheet
• Mortgagor/Grantee Certification
• Management Agent Certification
• Accounts Payable
  

   

**Annual Audited Financial StatementsShould be completed in accordance with generally accepted accounting principles (GAAP), and where applicable, government auditing standards (GAS).

 

The following Excel spreadsheets are also required to accompany the GAAP or GAS audit.

• Virginia Housing Statement of Profit and Loss
• Virginia Housing Balance Sheet
• Accounts Payable
• Computation of Surplus Cash/Residual Receipts and Distributions

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 our 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, that is why one form is required for each property (per month for MOS) instruction.

4. Save the form(s) 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.

 

IMPORTANT: Don’t work off a prior submission. It is essential to have a freshly completed form for each reporting period.