What schedules are required under Reviewed or Compiled Financial Statements?
The same statements required for an audit are required for a review or compilation. The biggest difference to note is the auditors level of responsibility. The following schedules are required under the scope of reviewed or compiled financial statements: Accountants Report, Balance Sheet, Statement of Income and Expense, Statement of Retained Earnings /Owners Equity, Statement of Cash Flows, Notes to the Financial Statements (including Notes Payable and Change in Fixed Assets), Schedule of Funds, Mortgage Escrow Deposits, Schedule of Reserve Funds, Surplus Cash Distribution, Residual Receipts Calculation, Equity Distribution Calculation, Mortgagor’s Certification, and Managing Agents Certification. Please note the Surplus Cash Distribution, Residual Receipts Calculation, and Equity Distribution Calculations are not required for Tax Credit Only properties. Q: What is the difference between reviewed or compiled financial statements? A: Reviewed financial statements are less in scope than
