Rural Development

HELPING OUR CLIENTS WITH THEIR HUD AND RURAL DEVELOPMENT FINANCIAL AND COMPLIANCE AUDITS

USDA Rural Development Housing Projects with a Section 515 Rural Rental Housing (RRH) loan are required to submit annual financial reports no later than 90 days following the close of the project fiscal year. The requirements for reporting are established based on combined Federal Financial Assistance and risk thresholds for each borrower, effective for those with a fiscal year ending 12/31/2019 or after.

For-Profit or Limited Profit
Total Borrower Federal Financial Assistance* Forms RD 3560-7 and 3560-10 Borrower Certification of Performance Standards Uniform Administrative Requirements Audit required
RD Borrower with less than $500,000 in Federal financial assistance Yes Yes No
RD Borrower with $500,000 or greater in Federal financial assistance Yes Yes Yes**

 

*  See RD Programs Audit Determination Worksheet and Major Program Determination – Attachment 4-G of RD HB-2-3560. Compilation of Prescribed Forms may be necessary, if an audited financial statement is not required by another federal agency or other business agreement.

**  Must be completed by an Independent CPA.

Let us exceed your expectations. Contact Heather Lehr at (888) 388-1040 to learn more.

Resources

View All Rural Development Resources