|
HUD Issues Memo on System and Regulatory Changes to Eliminate First-In-First-Out Accounting in IDIS
|
|
HUD has issued a Memo on System and Regulatory Changes to Eliminate First-In-First-Out (FIFO) Accounting in the Integrated Disbursement and Information System (IDIS). The memo describes pending system and regulatory changes that will significantly impact the administration of the following programs:
- Community Development Block Grant (CDBG)
- HOME Investment Partnerships (HOME)
- Emergency Solutions Grant (ESG)
- Housing Opportunities for Persons with AIDS (HOPWA)
The HUD Office of the Inspector General (OIG) and the Office of Management and Budget (OMB) have determined that the FIFO accounting methodology used by IDIS does not comply with federal financial standards. In addition, the Government Accountability Office is requiring a change to the way that HOME commitments are calculated.
These determinations have resulted in material weakness findings by the OIG against the Department’s Financial Statements. In order to clear these findings, CPD must re-engineer IDIS over the next 18 months to make the necessary changes, issue revised regulations, and train HUD and grantee staff on the new accounting methods and the impact they will have on local program design and operations going forward. Further details will follow.
View the Memo on System and Regulatory Changes to Eliminate First-In-First-Out Accounting in IDIS.
|
| |
|
