CPO Financial Management & Budgeting Flashcards
6 cards from real CPO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CPO Financial Management & Budgeting flashcards as text
What is the primary purpose of the annual budget in HUD-assisted housing?
Answer: To plan and control income and expenditures for property operations
The annual budget serves as a financial plan to manage income and expenditures for the effective operation of HUD-assisted housing.
Which HUD form is typically used to submit the annual operating budget for project-based Section 8 properties?
Answer: HUD-92547
HUD-92547 is the budget worksheet used for submitting annual operating budgets for project-based Section 8 properties.
What does 'replacement reserve' refer to in HUD-assisted housing?
Answer: Funds set aside for major capital improvements and equipment replacement
Replacement reserves are funds set aside to cover future major capital expenditures such as roof replacement, HVAC systems, and other long-term asset maintenance.
In a housing authority budget, what are 'operating expenses'?
Answer: Day-to-day costs of running the property including maintenance, utilities, and administration
Operating expenses encompass all routine costs associated with running the property on a daily basis, including maintenance, utilities, insurance, and administrative costs.
What is a 'residual receipts account' in HUD-assisted properties?
Answer: An account for surplus project income after all approved expenses are paid
Residual receipts are surplus funds remaining after all HUD-approved operating expenses and required deposits have been paid from project income.
Which financial statement provides a snapshot of a property's assets, liabilities, and equity at a specific point in time?
Answer: Balance sheet
The balance sheet presents the financial position of a property at a specific date, showing assets, liabilities, and owner's equity.