Accounting Services

The vendor is required to provide comprehensive accounting services for designated entities, including full accounting software management.
- The housing authority's property management team (PM) will retain responsibility for maintaining tenant-related accounts receivable (AR) and other subsidiary ledgers related to operating properties.
1. Accounting transition management
• Develop and execute a structured transition plan
• Ensure accurate and seamless transfer of accounting responsibilities and records
2. Bookkeeping and financial management
• Maintain general and subsidiary ledgers by property and partnership
• Record and categorize financial transactions
• Perform month-end and year-end closings
• Manage accounts payable (AP) and disbursement processes
o All AP items must be approved by PM staff prior to disbursement
o PM or agency accounting may require access to the vendor’s system to approve payments
o Alternatively, a clearing account may be set up for vendor disbursements
• Monitor and reconcile activity in agency-controlled interest-bearing accounts, including:
o General operating account: disbursements for mortgage, taxes, insurance, reserve allocations, and accounting service fees must be pre-approved and scheduled monthly for owner review
o Replacement reserve account
o Operating reserve account
o Security deposit account
3. Receivables
• Tenant receivables: managed in Yardi by PM
• Subsidy receivables: managed in Yardi by PM
• AR aging reports: provided by PM if available for inclusion in financial reporting
4. Bank account management
• All owner-held funds will remain in agency-controlled bank accounts
• Vendor will receive read-only access for bank reconciliations
5. Miscellaneous revenue deposits
• Agency accounting or pm will continue making deposits
• Supporting documentation will be emailed to the vendor for reconciliation and tracking
6. Monthly and quarterly reporting
• Maintain GAAP-compliant records for each entity
• Deliver reports by the 20th of each month unless otherwise requested:
o Balance sheet
o Comparative income statement (monthly and YTD with budget-to-actuals)
o Net operating income statement (monthly and YTD)
o Trailing 12-month income statement
o Trial balance and roll forwards
o AR/AP aging reports (excluding AR managed by PM)
o Reconciled bank and lender statements for all relevant accounts
• Provide investor and lender reporting per partnership and financing agreements
7. Annual budget preparations
• Collaborate with PM on annual operating budgets
• Review prior year’s budget-to-actual results, highlighting financial trends
• Prepare capital expense schedule and anticipated replacement reserve withdrawals
• Generate additional budget-related reports as requested by owner
8. Annual audit and tax return support
• Ensure annual audits and federal filings are completed within 90 days of fiscal year end
• Provide full audit support, including:
o Document preparation and coordination
o On-site assistance
o Year-end reports, schedules, and requested documentation
o Issue resolution throughout the audit
o Required financials for external CPA’s tax preparation
o Audit schedules (e.g., fixed assets and depreciation)
o Adjusting journal entries (subject to owner approval)
o Designated representative available during the entire audit process.