Financial Process
This section provides information on financial statements,
subsidy reconciliation and audit requirements. If you have any
questions that are not answered here, contact your
Non-Profit Portfolio Manager.
Financial Statements
If you have more than one subsidized development, have your accountant prepare consolidated financial statements, as well as separate revenue and expenditure schedules for each development. We require the use of fund accounting and separate shelter schedules for each development that has an operating agreement with BC Housing. Each schedule should outline the shelter related income and expenses for operating the development separately from other activities, such as fundraising, providing care for residents, or commercial operations. Click here for more information.
If you have more than one subsidized development, have your accountant prepare consolidated financial statements, as well as separate revenue and expenditure schedules for each development. We require the use of fund accounting and separate shelter schedules for each development that has an operating agreement with BC Housing. Each schedule should outline the shelter related income and expenses for operating the development separately from other activities, such as fundraising, providing care for residents, or commercial operations. Click here for more information.
Financial Review and Subsidy Reconciliation
When we conduct a financial review, we review operating revenues for each development to verifiy the subsidies and repayable assistance that were paid; verify that housing providers are collecting the correct amount for resident rents and occupancy charges and determine if any subsidy adjustment is needed.
Click here for more information.
When we conduct a financial review, we review operating revenues for each development to verifiy the subsidies and repayable assistance that were paid; verify that housing providers are collecting the correct amount for resident rents and occupancy charges and determine if any subsidy adjustment is needed.
Click here for more information.
Audit Requirements
If the subsidy provided by BC Housing is more than $50,000/year, an audited financial statement must be submitted. If the subsidy provided is $50,000/yr or less, an unaudited financial statement must be submitted.
Click here for more information.
If the subsidy provided by BC Housing is more than $50,000/year, an audited financial statement must be submitted. If the subsidy provided is $50,000/yr or less, an unaudited financial statement must be submitted.
Click here for more information.