Annual Financial Statement (AFS) Filing Deadline; Validation Errors; FASS Service Outage

AFS Filing Deadline – There has been no indication from REAC that a filing extension will be issued; therefore, filers must adhere to the 90-day filing deadline. REAC has indicated, however, that although there is no anticipated blanket extension, individuals affected by the severe weather (particularly in the Northeast) may apply for extensions on a case by case basis.

Overdue Financial Statements – If an AFS is not received by the 10th day of the month following the AFS due date, an e-mail letter is automatically sent to the owner’s Secure System coordinator on the 11th day. This message informs the owner the AFS is overdue and that a noncompliance flag has been entered into APPS. It also advises the owner if the AFS is not received within the next 30 days (grace period), HUD will refer the owner to the DEC; and if that happens, a letter will be sent to the owner announcing the referral.

Validation Error – FASSUB was updated in May 2014 to reflect the audit industry’s terminology change from “Unqualified” to “Unmodified” opinions. This text was added to the dropdown for accounts S3400-020 (non-profit) and S2100-020 (profit motivated). The back-end validation was not updated to match however, and the result is a validation error in accounts S3400-110 (non-profit) and S2700-005 (profit motivated). HUD has instructed us to enter “Not applicable” in these accounts which will resolve the validation error.

FASSUB Service Outage – HUD’s Office of the Chief Information Officer (OCIO) has alerted REAC’s Technical Assistance Center that an upgrade to their network equipment will result in a brief service outage that will impact financial statement submissions from 8:00 pm Friday, March 13th to 12:00 pm Saturday, March 14, 2015 EST.