CLIENT: DC HOUSING FINANCE AGENCY

Country:  USA, Washington DC

Sector:  State, Local and Federal Government

Service:  Accounting/Management Consulting

Project:  Financial Advisory and CFO Services


Project Description: In April 2016, DCHFA hired a new Executive Director to lead the realms of the organization. The Executive Director (ED) conducted an initial high-level assessment of financial and program operations and determined that DCHFA’s books of accounts and general ledgers are not maintained at a level adequate to facilitate timely quarterly closing of the ledgers and preparation of financial statements for management and other stakeholders use for decision making. As a result of an initial high-level assessment conducted by the new ED, IBS was engaged to provide a host of consulting services including:

  • Conduct a comprehensive Financial Operations Assessment and participate in the hiring of a CFO while providing support  services related to maintenance  of  general ledgers, preparation  of financial statements, including evaluation of a future automated financial solution and implementing improved business processes, and transition for new CFO.
  • Analyze the administrative expenses charged to the HHF program during the quarter end to determine whether expenses were recorded in the proper period and proper account in accordance with 2CFR §200 to be compliance with the Department of the Treasury.
  • Assist with agency-wide audit to help prepare schedules to support GL balances and work with agency-wide teams to prepare those schedules and help with the recording of adjusting journal entries to accurately provide TBs for GF for Single Family, and Multifamily portfolios. Assist with coding of investments and the recording of FMV of investments and review of the financial statements.

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