Financial Management Requirements

Financial Management Requirements. A. Conformance to Accountability Standards. The organization must conform to the financial accountability standards of 24 CFR 84.21, “Standards for Financial Management Systems”, as evidenced by notarized statement by the board president or Chief Financial Officer (CFO), or a certification from a Certified Public Accountant (CPA), or a HUD approved audit summary. B. No Individual Benefit. No part of a CHDO’s net earnings (profits) may benefit any members, founders, contributors, or individuals. This requirement must also be evidenced in the organization’s charter or articles of incorporation.