Starting later this year (likely with 2024 year ends in August or September), before an AIR can be filed by the auditor,
- the rental assistance claim must be submitted by the co-op and reviewed by the Agency;
- as part of preparing the AIR, the auditor must reconcile the AIR with the rental assistance claim.
You may have noticed that these requirements were implemented for June 2024 year-ends and then removed when an unexpected issues arose.
This issue did not affect co-ops entering and filing their rental assistance claims, which are due two months after their year end. If you have clients that have not submitted their claim by the time you are doing your year-end work, we ask you to encourage them to do so as soon as possible.
The Agency will shortly provide auditors and co-ops with Auditors’ Guide: AIR and the Online Rental Assistance Program (FCHI-2) Claim.
The Agency will also provide co-ops and auditors with a Rental Assistance Catchup Report. This is a consolidated reconciliation of the co-op’s AIRs and rental assistance claims to date. The report includes financial statement adjustments, if needed to render the co-op’s financial statements and AIR consistent with its rental assistance claims.
For answers to additional questions, please get in touch with the Agency’s Lead, Financial Officer, Marisa Melchiorre at mmelchiorre@agency.coop, 866-660-3140 x 608, or the assigned Rental Assistance Officer.