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.

Remember to use the same categories in the financial statements that you used in the operating budget. Then we can compare the individual financial statements to the operating budget for each development, and review performance against projections.

A separate replacement reserve schedule is required, detailing the beginning balance, annual budget provision for the reserve, expenditures, accrued interest and ending balance.

Prepare the financial statements using Generally Accepted Accounting Principles, including the Canadian Institute of Chartered Accountants recommendations for not-for- profit organizations. Refer to BC Housing’s Financial Reporting Requirements supplement, which outlines the financial reporting requirements for not-for-profit organizations and explains the fund accounting method.

Click here for a Financial Reporting Requirements Chart (Excel.) For requirements specific to your program, please contact your Non-Profit Portfolio Manager.