Rural Development

USDA Rural Development Housing Projects with a rural housing loan are required to submit annual financial reports.

Rural Development

A Rural Development Project with 16 or more units is required to submit an Agreed-Upon Procedures and Determinations report set forth by USDA Rural Development. The financial reporting requirements set forth in 7 CFR Part 3560.308 require that CPAs conduct certain tests in connection with preparing the Agreed-Upon Procedures report. The purpose of these tests is to determine whether the borrower/management agent is in compliance with applicable requirements in the management and operation of the project.

A Rural Development Project with 24 or more units must base their annual financial reports on a financial audit in accordance with generally accepted government auditing standards or GAGAS, as set forth in “Government Auditing Standards”, in addition to the Agreed-Upon Procedures and Determinations report.

 

Conway, Deuth, & Schmiesing, PLLP

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