Multifamily Housing Program Financial Management Toolkit

4b. Regulatory Standards Relating to Accounting Records and Documentation

What Does HUD Require Vis-à-Vis Source Documentation?

HUD standards for accounting records require that all grantees and sub-recipients:

  • Maintain records that adequately identify the source and application of funds provided for financially assisted activities.
  • Assure that these records contain complete and accurate information pertaining to grant or sub-grant awards and authorizations, obligations, unobligated balances, assets, liabilities, outlays or expenditures, and income.

Per HUD standards for source documentation:

  • Accounting records must be supported by such source documentation as cancelled checks, paid bills, payrolls, time and attendance records, contract and sub-grant award documents, etc.