General Instructions For Completing Form Rd 1930-7, Mfh Project Budget printable pdf download

GENERAL INSTRUCTIONS FOR COMPLETING FORM RD 1930-7, MFH PROJECT BUDGET

USE OF THE FORM:

1. Borrowers use this form to plan and report the financial activity of their multiple family housing (MFH) project as required by Agency

regulations. MFH project is defined by RD Instruction 1930-C.

2. For smaller projects, all specific operation and maintenance (O&M) expense line items may not need to be completed, provided that

applicable O&M expenses are reflected within the appropriate O&M subtotals.

3. Use this form to establish initial budgets and rents, for monthly, quarterly or annual reports , to request rent changes , or to describe

special servicing budgets (RD Instruction 1930-C).

4. Identify the accounting method used to prepare this form.

5. Significant changes to an Agency approved budget that occur during the budget operating year will require Agency review and

approval according to RD Instruction 1930-C.

6. The three budget columns on this form are defined as follows. Actual Expenses should be reflected under same line items as budgeted

(i.e., playground eq. budgeted Col. 1, line 26/27 - Actual expense should also be reflected at year end on lines 26/27).

CURRENT BUDGET

- most recently approved budget.

ACTUAL

- this period’ s actual activity.

PROPOSED BUDGET

- next year’ s planned activity.

7. The three budget columns are used as follows:

INITIAL BUDGETS

- Use PROPOSED BUDGET only.

MONTHLY REPORTS

- Use the three columns as follows:

(For special servicing)

CURRENT BUDGET (most recent approved annual budget),

ACTUAL (current month actual), and

PROPOSED BUDGET (leave blank).

QUARTERLY REPORTS

- Use the three columns as follows:

(For normal servicing)

CURRENT BUDGET (most recent approved annual budget),

ACTUAL (current quarter actual), and

PROPOSED BUDGET (leave blank).

ANNUAL REPORT

- Use all three columns.

OF ACTUALS

ANNUAL BUDGET

- Use columns 1 and 3. The actual column will be used the previous FY when submitting actual expense

PROPOSALS AND

at year end.

RENT CHANGES

- The Agency may request this information for budget proposals if deemed necessary in special servicing

cases.

8. A fourth column. “COMMENTS or YTD” is available for the borrower’ s use to show year-to-date actual for monthly or quarterly

reports, an annual report of actuals, or to note appropriate comments for an annual report, or to make comparisons between proposed and

actual budget items. For SMR Budgets - line 17 front of budget, should reflect reduced mortgage payment.

9. Options acceptable to Rural Development.

a. The format and content of this form may be prepared and submitted to the Agency using automated technology according to the

guidance in RD Instruction 1930-C.

b. A column for the borrower’ s Chart of Accounts numbering may be used provided space is available and the Form RD line numbering

remains for reference.

Form RD 1930-7

Page 7

General Instructions For Completing Form Rd 1930-7, Mfh Project Budget

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