Asset Management Update Julie Miles Financial Analyst HUDKansas
- Slides: 15
Asset Management Update Julie Miles, Financial Analyst HUD-Kansas City, KS 913 -551 -5529 1
Agenda New FDS New Proposed PHAS Asset Management Delay: PHAs With 250 -400 Units 2
New FDS Format AMP Level Financial Reporting Operating Fund and Capital Fund Reporting at AMP Level vs. PHA Level 1 Balance Sheet per AMP – Operating Fund & Capital Fund Combined 2 Income Statements per AMP – Operating Fund & Capital Fund Separate New Columns AMP & COCC Columns Replace Low-Rent and CFP Columns Elimination Column Subtracts Internal COCC/AMP Transactions from Entity-Wide Totals New 5 -Digit Line Number Format for Revenues & Expenses 3
New FDS Line Items & Detail Links FDS Line Definition Guide October 2008 http: //www. hud. gov/offices/reac/products/fass_pdf/fds_ln_def_g d_2008. pdf Fee Revenues & Fee Expenses Line Items Expense Line Items: Other Operating-Administrative, Sewer, Insurance Premiums Memo Accounts: Excess Cash & CFP Expenditure Data Ordinary Maintenance & Operations-Contract Costs: Garbage & Trash Removal, Heating & Cooling, Snow Removal, Elevator Maintenance, Landscape & Grounds, Unit Turnaround, Electrical, Plumbing, Extermination, Janitorial, Routine Maintenance, Miscellaneous 4
Transition Year Due Dates Unaudited – Normally Due 2 Months After FYE 6/30/08 , 9/30/08 & 12/31/08 Due 4/13/09 3/31/09 Due 6/30/09 Federal Register Vol. 73, No. 163, 8/21/08 Docket FR-5227 -N-01 Audited Expect System to Be Open in April Due Dates Will Be Announced Once System Open Electronically to REAC Paper Copy to Field Office Financial Analyst 5
New Proposed PHAS Starting FYE 6/30/08 First Year Transitional Scores Proposed Rule http: //www. hud. gov/offices/reac/products/pha sprule. pdf First Year CFP Bonus Based on Previous PHAS Score Scoring 30 Physical Condition 20 Financial Condition 40 Management Operations 10 CFP Management No Resident Survey 6
Proposed Physical Condition Still 30 points Scored at AMP Level Instead of Development Same UPCS Inspection Criteria Frequency Depends on AMP Score—Not PHA Score 7
Proposed Financial Condition 20 points Scored at AMP Level Most Indicators Moved to Management Operations Based on Unaudited Financial Submission & Adjusted for Audited Financial Submission Penalties Significant Change Between Unaudited & Audited Financial Statements Qualified, Adverse of Disclaimer of Audit Opinion Audit Findings 8
Proposed Financial Condition (continued) 3 Sub-Indicators (1) Quick Ratio (QR) Formerly Current Ratio Current Assets ÷ Current Liabilities 9 points (2) Months Expendable Net Assets Ratio (MENAR) Formerly Months Expendable Fund Balance (MEFB) (Current Assets - Current Liabilities) ÷ Average Monthly Operating Expenses 9 points (3) Debt Service Coverage Ratio (DSCR) Adjusted Operating Income ÷ Annual Debt Service If No Long-Term Debt, PHA Gets All Points 2 points 9
Proposed Management Operations 40 points Scored at AMP Level Scoring Adjustments – 1 Point Each Physical Condition – Projects 28 Years & Older Neighborhood Environment – 40% or More Families Income Below Poverty Rate on Latest Census 10
Proposed Management Operations (continued) HUD On-site Review Instead of PHA Self. Certification Includes Items Previously Scored Under Financial 7 Sub-Indicators: (1) General Appearance & Security 1. 1 Appearance & Market Appeal (5 points) 1. 2 Security (1 point) (2) Follow-Up & Monitoring of Project Inspections 2. 1 Exigent Health & Safety Deficiencies (not scored) 2. 2 Lead-Based Paint Inspection Deficiencies (not scored) 11
Proposed Management Operations (continued) 7 Sub-Indicators (continued) (3) Maintenance & Modernization 3. 1 Unit Inspections (1 point) 3. 2 Work Orders (3 points) 3. 3 Preventive Maintenance (1 point) 3. 4 Energy Conservation/Utility Consumption (1 point) 3. 5 Modernization (not scored) (4) Financial Management 4. 1 Percentage of Accounts Payable (4 points) 4. 2 Rent Collection (4 points) 4. 3 Budget Management (not scored) 4. 4 Procurement (not scored) 12
Proposed Management Operations (continued) 7 Sub-Indicators (continued) (5) Leasing & Occupancy 5. 1 Vacancy Rate (16 points) 5. 2 Turnaround Time (2 points) 5. 3 Occupancy Review (not scored) (6) Tenant/Management Relations 6. 1 Economic Self-Sufficiency (1 point) 6. 2 Resident Involvement in Project Administration (7) General Management Practices 7. 1 Management Review Findings (not scored) 7. 2 Other Prior Review Findings (not scored) 7. 3 Insurance (not scored) (1 point) 13
Proposed CFP Management 10 points Scored at PHA-level, not AMP Time to Obligate & Expend CFP for Grants with Fund Balances During Assessed Period 14
Asset Management Delay PIH Notice 2008 -16 2008 Appropriations Act Section 225 PHAs 250 -400 PH Units Elect to Delay AM Implementation 1 Year Report FDS at PHA-Level, not AMP-Level Submit Op. Sub at AMP-Level, not PHA-Level Excludes Stop-Loss Assume Provision Will Continue in 2009 If Not Continued, Guidance Will Be Provided 15
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