Content Information
Recipients must provide an audit or "Single Audit Not Required" form to Iowa Finance Authority as applicable for each fiscal year that the recipient has expended HOME funds.
Nothing Required
Nothing must be submitted to IFA for a fiscal year where the recipient expends zero HOME funds.
Financial Statement Not Required Form
A "Financial Statement Not Required" form must be submitted to IFA for each fiscal year that the recipient expends less than $1,000,000 in federal funds, part of which must be HOME funds.
Federal Funds Expended of $1,000,000 or more Form
A "Federal Funds Expended ($1,000,000 or more)" form must be submitted to IFA for each fiscal year that the recipient expends $1,000,000 or more in federal funds, part of which must be HOME funds.
Financial Statement/Audit
If the recipient submits a "Federal Funds Expended ($1,000,000 or more)" form for any fiscal year, a project-specific financial statement or audit must be submitted when the project is placed-in-service or when the IRS Form 8609 (for tax credit projects with HOME) has been issued.
Financial Statement/Audit Costs
Financial Statement/audit-related costs should be considered and included in your application budget.
NOTE
Throughout the project's closeout and affordability period, the recipient is required to provide IFA with a copy of any audits prepared on the recipient entity.