Multifamily Housing Program Financial Management Toolkit

7b. Steps to Follow for Reporting Compliance

The process of reporting can be thought of as comprising five basic steps that together will lead to successful compliance with HUD requirements. Don’t get overwhelmed. Once you complete the initial process, you’ll want to continue the process with a re-evaluation of your reporting plan and processes to ensure you have the most current updates from HUD and have documented any changes to your program that could affect reporting. Remember, good budgeting, accounting and procurement practices facilitate reporting and reduce the likelihood of audit findings.

What Are the Five Basic Steps in Reporting?

The five basic steps in reporting include:

  • Develop a reporting plan for your internal team
  • Collect and consolidate all data
  • Reconcile data internally
  • Report in HUD’s system of choice
  • Revisit your plan and apply quality controls, as needed