PHA FINANCIAL MANAGEMENT UPDATE JUNE 2014
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1 Casterline Associates PC s PHA FINANCIAL MANAGEMENT UPDATE JUNE 2014 Casterline Associates PC 11 Davis Road Suite 225 Valley Forge, PA (610) / 1
2 Increased HUD Scrutiny over Due To / Due Froms PUBLIC HOUSING AGENCY INTERPROGRAM ACTIVITY 2
3 OIG Report on HUD Oversight of PHA Interfund Issues On March 21, 2014 the HUD OIG issued a report discussing PHA Interfunds (amounts owed between PHA programs). The report was directed primarily at HUD and concluded that, while HUD has done a good job of identifying PHA interfund problems, that they have not adequately followed through with sanctions etc on PHAs that have misused federal funds. Although HUD disagreed with many of the OIG s findings, Casterline Associates PC feels that this OIG report will lead to a step-up in HUD scrutiny and more punitive action toward PHAs. 3
4 Background / the ACC The Public Housing Annual Contributions Contract (the ACC ), Part A, prohibits PHAs from using Public Housing General Funds for any purpose other than to pay for the development and operation of projects under the ACC. Pooling of funds is permitted by the ACC as long as amounts withdrawn for other projects does not exceed the receipts from other projects. 4
5 PIH Supplement, the Project Based Accounting and Asset Management Guidance While not specifically related to asset management, PHAs are reminded that funds are not fungible between federal programs regardless of transfer being of a temporary nature. This type of activity is an ineligible use of program funds. 5
6 REAC Accounting Brief #14 pg 4 INTERPROGRAM DUE TO/DUE FROM ACTIVITIES Because of the basic nature of most Federal and state programs, resources from one program cannot be used to support the costs of another program. For example, a PHA is not allowed to use its Low Rent program s cash and investments to pay for costs related to the HCV program, even on a short-term temporary basis. Low Rent program resources are constrained by law and regulation to support public housing activities. Therefore, HUD views Due To s and Due From s reported in a PHA s Federal programs as possible indicators of non-compliance. HUD allows PHAs to use a common checking or working capital account. However, for FDS reporting the cash balance must be reconciled for any timing differences related to the processing of billing and accounting. (cont d) 6
7 REAC Accounting Brief #14 pg 4 That is, the cash balances reported in the FDS under each program should reflect the actual share of cash of that program as if no common checking or working capital account existed. If this results in a program(s) having a negative cash balance, the PHA would then report a Due To/ Due From transaction for this amount (negative amount). The use of a Due To/Due From between Federal programs signifies to HUD that one program has in fact used resources to cover the costs of another program, which could represent ineligible expenditures. 7
8 Interprogram A/R & A/P Basic Rules: You should not have an Interprogram Due From (accounts receivable) on any federal program Public Housing, Housing Choice Voucher, etc, etc, because it signifies that program funds may have been used for an ineligible purpose The exception is the interfund between Public Housing and Capital Fund because they share a balance sheet (for FDS reporting HUD treats them as the same program) You may use COCC funds to support other programs and projects (as long as COCC remain defederalized), meaning that COCC has an interprogram due from (as long as it is a housing-related purpose and COCC has the funds, although it is not recommended) 8
9 Pooled Cash You may want to consider a pooled cash approach to enable you to stop reporting eliminate interprogram due to s and due from s This approach should not be used in cases where you might risk using federal funds to support other programs (e.g. in cases where you might end up with negative cash in one or more of the participating progams) Casterline Associates PC has assisted PHAs in implementing pooled cash if you would like more information or need help 9
10 FEDERAL LIMITS ON PHA EXECUTIVE COMPENSATION 2014 UPDATE 10
11 History of PHA Compensation Limits and Carryover Provisions As most of you know, the Federal Government in 2012 imposed salary limits on PHAs for amounts charged Section 8 and Section 9 (PH/CFP) sources. The original limit was $155,500 which has since increased to $157,100. The salary limits currently apply to years 2012 through In 2012, a requirement was created for PHAs to demonstrate comparability for the E.D.s salary any time a salary is established or has significantly changed. This requirement still exists in 2014! 11
12 Current Year: 2014 The limit was increased to $157, Appropriations Bill prohibits PHAs from using any Tenant-Based Voucher, Operating Fund, or Capital Fund dollars to pay any amount of salary above the base rate of pay for level IV of the Executive Schedule, the salary grade of the Assistant Secretary for Public and Indian Housing, or $157,100 for FY This restriction applies to salaries for each PHA s FY 2014 However, the limitation continues to apply only to salary and not to certain other forms of compensation including benefits, bonuses, and other incentive pay. New reporting was implemented with PIH HUD-DC is now conducting salary reviews of PHAs. 12
13 Loopholes Even Central Office Cost Center funds derived from Section 8 and Section 9 (Public Housing / CFP) sources such as management fees are subject to these limits. However, any non Section 8 / non Public Housing and CFP funds coming in to COCC may be used to cover the excess salaries e.g. developer fees, non-hud mgmt fees, etc. Bonuses are not included in the limit but be careful that you meet OMB requirements for eligible bonus payments (there is a new OMB Omni Circular with expanded language on bonuses more about this later) 13
14 What the future holds HUD continues to pursue a tiered approach based upon the size of the PHA. We feel this is a bad idea for a number of reasons. The Administration s 2015 budget: For PHAs with fewer than 250 combined public housing and Section 8 units, salaries would be capped at the GS-11 step 10 rate, currently $65,703 before taking into account the locality adjustment. For PHAs with 250 to 1,249 combined units, salaries would be capped at the (continued) 14
15 (continued from previous page) GS-13 step 10 rate, currently $93,641 before the locality adjustment. Finally, for employees of PHAs with 1,250 or more combined units, the cap would be $130,168, reflecting the current GS-15 step 10 before the locality adjustment. Conclusion PHAs need to pay very close attention to this area for two reasons: Failure to watch this can possibly put you in a position of noncompliance Each year the rules are different At this point it is not clear what the rules will be for Calendar Year
16 Many PHAs to Book New Liability on Their Balance Sheets for Retirement Obligations NEW ACCOUNTING/REPORTING REQUIREMENTS FOR PHA RETIREMENT PLANS 16
17 GASB 68 Impacts Certain PHAs in a Big Way! In 2006 the Governmental Accounting Standards Board (GASB) began a project to examine how Pension Plan liabilities and expense are determined and reported on the financial statements of governmental and quasigovernmental entities including Housing Authorities. An exposure draft was published in 2011 and the final standard - GASB 68 - in June It is effective for years beginning on or after June 15, 2014 (for PHA 6/30/2015, 9/30/2015, 12/31/2015 and 3/31/2016 FYEs). GASB 68 has a very significant impact on both the reporting of pension balances and activity, as well as related disclosures in the footnotes. 17
18 If you would like a copy of GASB 68, it may be obtained (for free!) at the GASB website (for a list of specific pronouncements you may see the link on their homepage for standards and guidance or you may go directly to this link): onpage&cid= This presentation will briefly summarize what GASB 68 means for PHAs and will help you to determine if and how this new standard will affect you. 18
19 The largest impacts of GASB 68 in the PHA-arena are for those housing authorities that have defined benefit retirement plans. That is because, for the first time ever, agencies will be required to report any unfunded pension liabilities on their balance sheets the entire net pension liability will be reported. The annual pension expense will also be affected. GASB felt that this would provide more transparency regarding pension costs and that there would be no more kicking the can down the road. The focus is changed from the funding approach to the earnings approach in other words showing the full liability and expense instead of just contributions. Do you have a defined benefit pension plan? If so you need to look into this right away as it can be a balance sheet buster! 19
20 Many PHAs will be affected by this change, especially those that are in states where the PHA participates in a state defined benefit plan that is not fully funded (including but not limited to California, Oregon, New Jersey, Kentucky, Alabama to name a few, I am sure there are many others). GASB 68 applies even to those PHAs that are in a pooled and/or cost-sharing multiple employer plan unlike GASB 45 / OPEB, that sometimes allowed PHAs in cost-sharing plans to NOT report the liability. Calculations required by GASB 68 include: The Net Pension Liability The Pension Expense 20
21 Net Pension Liability (this can be HUGE!) The Net Pension Liability is equal to: The Total Pension Liability (equal to the net present value of all future benefit payments attributable to past periods of employee service) Minus The Pension Plan s Net Position (the retirement plan s net assets ) This calculation is based upon the benefits earned, not the required funding due, and is determined no later than the sponsoring entity s prior fiscal year end. 21
22 The Total Pension Liability is of course based upon life expectancy and must take into account increased benefits due to projected salary increases, credit for added years of service, cost of living adjustments, and other items. The total stream of future benefit payments that is anticipated for the current work force and retirees is then discounted back to determine a current Net Present Value. The discount rate that is used for this purpose is a composite of the long term expected rate of return for the assets where the money is invested (the retirement plan s investments) or high quality 20 year tax exempt municipal bonds. 22
23 So, to recap: Total Pension Liability minus Plan Net Position = Net Pension Liability Another way of looking at it is: if the Plan s Net Position ( net assets ) is not enough to cover the Total Pension Liability (net present value of future benefit payments), then the plan is underfunded and the participating agency(ies) will need to book a liability. On the other hand if the Plan s Net Position (net assets) is greater than or equal to the Total Pension Liability (net present value of future benefit payments), then the plan is adequately funded and the pension liability does not exist. 23
24 Pension Expense: Historically the Pension Expense for Housing Authorities participating in a defined benefit plan has been equal to contributions made during a fiscal year. GASB 68 will change how the expense is calculated. The Pension Expense will now be the difference in the Net Pension Liability from one year to the next. GASB 68 Footnote Disclosures There are also a number of footnote disclosures that are required by this new standard. Shown below is a general outline, but see GASB 68 for more details. Required Supplementary Information In addition, GASB 68 stipulates the following Required Supplementary Information once again see GASB 68 for details. 24
25 As you can imagine, this is HUGE for many PHAs, especially those that participate in defined benefit pension plans that are underfunded. If that is you, I recommend you begin looking at this right away, and to contact the Plan to see if they can begin to provide you preliminary information concerning the impact. The liability that may result can be overwhelming to your balance sheet, especially if your plan is significantly underfunded according to the formulas mentioned earlier in this article. In some cases this will amount to hundreds of thousands or even millions of dollars. We will be providing updates in our newsletter and seminars as this story unfolds. 25
26 OMB GRANT REFORM: THE OMNI CIRCULAR 26
27 OMB Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards Also known as the OMB Super Circular or Omni Circular Published in the Federal Register on December 26, 2013, also found on OMB website OMB and Federal Agencies working to issue additional regulations and guidance effective one year from the publication date Single audit changes effective 12/31/
28 Objectives of Grant Reform Reduce administrative burden for those receiving federal awards, while also reducing risk of waste, fraud and abuse Improve the integrity of financial management and operation of federal programs Strengthen accountability for federal dollars by improving policies that protect against waste, fraud, and abuse Increase impact and accessibility of programs by minimizing time spent complying with unnecessarily burdensome administrative requirements 28
29 Objectives of Grant Reform (continued) Reorient recipients toward achieving program objectives Grants awarded based on merit Increased management focus on performance outcomes Streamlined rules governing federal funds Single audit oversight tool is better focused to reduce waste, fraud, and abuse 29
30 Streamlining of Related Circulars and Guidance A-21 Cost Principles for Educational Institutions A-50 Audit Follow-Up, related to Single Audit A-87 Cost Principles for State, Local, and Indian Tribal Governments A-89 Federal Domestic Assistance Program Information A-102 Awards and Cooperative Agreements with State and Local Governments A-110 Uniform Administrative Requirements for Awards and Other Agreements with Institutions of Higher Education, Hospitals, and Other Nonprofit Organizations A-122 Cost Principles for Non-Profit Organizations A-133 Audits of States, Local Governments and Non-Profit Organizations 30
31 Three Major Sections A B C Reforms to administration requirements Reforms to cost principles Audit requirements 31
32 Important Items for PHAs General Provisions for Selected Items of Cost begins at 2 CFR , pg in the 12/26/2013 federal register Considerations for selected items of cost this used to be included in OMB A-87 and discusses what costs are allowable and not allowable. It appears the detail has been greatly expanded. Appendix VII, Indirect Cost Allocation plans pg in the 12/26/2013 federal register discusses direct and indirect costs and gives guidance on allocation of indirect costs, applicable to those PHAs that do not use the management fee approach and/or programs that do not allow that. This also was previously part of A-87 Audit Requirements (Subpart F) begins at 2 CFR , pg in the 12/26/2013 federal register this is important for everybody but especially PHA auditors. Lots of changes here. Other Items on the Slides to Follow 32
33 Focus on Performance Section / Changes Authority for OMB to waive certain compliance requirements and approve new strategies for innovative program designs that improve cost-effectiveness and encourage effective collaboration across programs Fixed amount awards focused on meeting performance milestones Emphasis on performance goals and performance reporting 33
34 Technology Section/Changes Defined that computers are considered supplies, not equipment Electronic document retention when feasible, rather than paper, with associated internal controls 34
35 Standardized Requirements Section / Changes Consistent definitions Notice of Funding Opportunities , , , Award, Application and Reporting Requirements Payment of interest earned on federal funds 35
36 Stronger Oversight Section / Changes , Emphasis on conflict of interest policies and procedures Internal control guidance added to administrative requirements (COSO and green book tied in) Emphasis for federal agencies to build on single audit results, rather than repeating procedures Subrecipient monitoring requirements 36
37 Indirect/Direct Costs Section / Changes Clarification that administrative costs may be treated as direct costs when they meet certain conditions Provision for de minimis indirect rate of 10% of modified total direct costs (MTDC) for those who have never had a negotiated indirect rate For those with negotiated rates, requires federal agencies to accept (usually) Entities may apply for a negotiated rate at any time Existing negotiated rates may be extended for up to four years Pass through entities required to provide indirect cost rate to subrecipients 37
38 Time and Effort Reporting Section / Changes Focus on high standards for maintaining strong internal controls to justify costs of salaries and wages Flexibility in process used to meet those standards Personnel activity reports not specifically required focus shifted to appropriate internal controls in place to ensure that charges to federal awards for salaries and wages are based on records that accurately reflect the work performed Maintained that when charges based on budgeted amounts, internal controls must exist to ensure adjustments are made so final amounts charged to federal awards are proper 38
39 Single Audit Changes Effective for years ending on or after December Single audit threshold raised to $750,000 Low risk auditee criteria updated Type A program threshold raised to $750,000 (or still 3% $3M,.3% larger entities) Type Bs not required to identify more high risk Type Bs than at least 25% low risk type As, and other changes to Type A / Type B 39
40 Single Audit Changes Questioned costs threshold raised to $25,000 Questioned costs section requires description of how calculated Findings require perspective section (isolated, prevalent, type of sampling used) Repeat findings require identification as repeat and prior finding reference number 40
41 Single Audit Changes Coverage requirements for major programs tested changed to 20% for low risk auditees and 40% for non low risk auditees Online publication of reports (clearinghouse) Next business day due date Federal due date still nine months after fiscal year end Modification to 14 compliance requirements will be known with future release of compliance supplement 41
42 Casterline Associates PC Certified Public Accountants ~ (610) ~ jason@casterline.net PHA Accounting Services Assistance with FYE Closing & FDS Submission Financial Assessments and other consulting Financial Training Seminars for PHA Staff In-House Financial Training and Seminars Technical Assistance to PHA Finance Depts PHA Financial Newsletter: The Casterline Associates Advisor 42
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