HUD Provides 30-Day Extension for All Financial Statement Submissions
This blog is posted on behalf of Scott Klitsch, CLA’s Assurance Team Leader for Financial Institutions.
On March 13, 2020, the United States Department of Housing and Urban Development (HUD) issued approval for a 30-day extension for all financial statements having a due date of March 31, 2020 due to the business disruptions caused by the COVID-19 virus.
Our understanding is that this is an automatic extension and does not require preapproval from HUD for FHA-Lenders. Within the Lender Electronic Assessment Portal (LEAP) the recertification date has been automatically updated to reflect this extension.
We recommend financial institutions work with their independent auditors to determine what an appropriate filing date should be to satisfy their reporting requirements given their own unique circumstances surrounding COVID-19.
If you are concerned about how COVID-19 may impact your institution or your financial statement audit, CLA is here to help. Please contact us.
Amanda Garnett is a principal in the financial institutions practice of CliftonLarsonAllen (CLA) from Peoria, Illinois. She currently leads the firm’s Midwest financial institution tax team and serves institutions ranging in size from $15 million to $3.5 billion in total assets. In addition to tax compliance, Amanda assists clients in the areas of tax consulting, mergers and acquisitions, and regulatory reporting. She also routinely teaches courses for banking associations across the country.
Comments are closed.