Verify the subsidies and repayable assistance that were paid.
Verify that housing providers are collecting the correct amount for resident rents and occupancy charges.
Determine if any subsidy adjustment is needed.

When we review your audited financial statements, we:

Evaluate your organization’s adherence to the financial management terms of the operating agreement.
Ensure housing providers are able to meet financial obligations.
Go over actual expenses and compare them to the amounts in your approved operating budget.

If the revenues or expenditures vary significantly from the budget, we will need you to clarify why the variance has occurred.

If the rent revenue reported shows you are collecting more or less than our records show, we may ask you to submit the rent/housing charge roll information for comparison. Our figures may differ from yours if resident changes are not reported on time.

When the financial review is complete, depending on the operating agreement, we:

provide additional subsidy for an operating deficit or rent subsidy underpayment or;
will request repayment of an operating surplus or rent subsidy overpayments or;
no action is taken (where societies are responsible to manage their own operating deficits and suprluses.)

Click here for information on Managing Surplus & Deficit.