All properties with 10 or more units that have received funding from any of the following programs are required to submit annual financial reports to OHCS’ Portfolio Management section:
- Low-Income Housing Tax Credits
- HOME Investment Partnerships Program (HOME) (See exception below)
- Local Innovation Fast Track (LIFT)
- Conduit Bonds
Properties funded with any of the following programs, regardless of number of units are required to submit annual financial reports:
- American Recovery Reinvestment Act (ARRA) (Tax Credit Assistance Program (TCAP) and 1602 Exchange)
- Risk Share
- Elderly and Disabled Bonds
Submission requirements can be found in the property funding regulatory agreements.
HOME Exception: HOME properties with less than 10 units are required to submit annual financial reports consisting of an Income Statement, Balance Sheet, and beginning with 2025 financials using the ProLink Standard Template. If you have any difficulty completing the ProLink Standard Template, please reach out to our assigned asset management analyst for assistance.
Annual financial submission requirements
Most programs must submit financial reports within 90 days of a property’s fiscal year-end. Properties funded with ARRA 1602/TCAP or LIFT must be submitted no later than 120 days after the fiscal year-end.
If you cannot meet the submission deadline, please
submit an extension request before your original deadline. An unauthorized late submission is considered noncompliant with your funding regulatory agreement.
Annual financial submissions should include:
- Full third-party independent audit (when required by regulatory agreement, partnership agreement, lender, etc.) or an internal income statement with balance sheet (Note: Trial balances will not be accepted as sole documentation)
- Internal property-level income statement and balance sheet (for properties that submit consolidated entity audits that do not include property-level detail)
- Internal income statement and balance sheet if the audited financials don't include a detailed breakdown of income and expenses
- Completed ProLink Standard Template (balance sheet, profit and loss (P&L) statement, other tab)
- Gross Potential Rent (GPR) and Vacancy Loss must be reported in the provided documents and/or ProLink Standard Template
- Replacement Reserve General Ledger to include deposits and withdrawals
Instructions for annual financial submissions in Procorem
Reporting requirement reminders
Replacement Reserve Expenses
List maintenance items that are purchased/reimbursed with replacement reserve funds under non-operating or entity-level expenses on your income statement and/or P&L tab on the ProLink template.
File Naming
All files should be named using the following naming convention before uploading:
[Fiscal Year][Document][Property Name]. Example filename:
2025 Balance Sheet Mountainside Manor
Completion of ProCorem Tasks
Upon uploading all necessary files into Procorem, you must indicate you have fulfilled your reporting requirements. Once this action is performed, Daily Digest emails will reflect that the task is completed.
Note: Daily Digest emails will continue based on communication preferences set within individual user settings.
- Go to "Tasks" in the upper left menu of your property's WorkCenter; two outlined tasks related to your annual financial submission should appear.
- Mark the task as complete using one of two methods:
- Click on the greyed-out checkmark to the left of the task, turning it green, OR
- Click on the task title to get to the edit task screen. Scroll down to the ‘Assigned To’ section and tick the ‘Mark Finished’ box next to your name. Click OK.
Repeat for each task that you have uploaded documents for.
If you are unable to mark your tasks complete, you may use the "Posts" feature to leave a note or email your assigned asset management analyst.
Scattered Sites
When submitting annual financials for a project with multiple locations, make sure the submission reflects financials combined together as though you are submitting for one large property (this includes the audited and/or internal financials, as well as the ProLink Standard Template).
Please
do not submit individual financials or ProLink Templates for each property within that scattered site project. Failure to provide financials that do not incorporate all sites together as requested may result in the financial submission being rejected, considered late, and sent a request for resubmission.
Additional Resources
Use the Instructions for Financial Submissions in Procoremfor completing the required ProLink Standard Template and uploading all applicable supporting financial documents.
Watch theannual financial submission training video to help understand this process and what's needed for a succesful submission.
If you need access to a particular property's Procorem WorkCenter or if you are experiencing technical issues with Procorem, please email your assigned OHCS asset management analyst.