Financial Review

1. You submit the required documents to BC Housing within four months of your fiscal year end. Click here for the Financial Statement Checklist. ( If the necessary information is not submitted, the review process may be delayed. BC Housing will contact you for the oustanding information.)
   
   
2. BC Housing will review the submitted documents to ensure that your organization is in compliance with the financial management terms of your agreement. We review:
   • the revenues and expenses reported in your financial statements in comparison to your approved BC Housing budget.
   • your accumulated operating fund balances, if required.
   • your replacement reserve expenditures to confirm that reserve is managed in accordance to the terms of your agreement.
   • your replacement reserve fund balance/s, if required.
   • repayable assistance from BC Housing (if required) and determine the balance. If the balance is due back to BC Housing, we will arrange the collection of the repayable amount.
     
3. Based on the review findings, there are four possible outcomes:
   • No collection or payment is required (where no substantial surplusses or deficits occured)
   • No collection of payment is required (where societies are responsible to manage their own operating deficits and suprlusses)
   • BC Housing will arrange collection of subsidy overpayment or operating surplus
   • BC Housing will pay the subsidy underpayment or operating deficit
     
4. BC Housing will send you the review results by mail.