REAC at a Glance

System	What	Why	When	How	Result
FASS-MF FASS-PHA	Assessment of the financial condition of all public housing and HUD multifamily properties.	Determine the financial soundness of PHAs and HUD multifamily properties. Verify compliance with HUD financial regulations.	Annually within nine months of fiscal year end for public housing Annually within four months of calendar year end for HUD housing	CPAs electronically submit audited financial statements to REAC in a required format based on GAAP	REAC scores and reports results via Internet to agencies, owners and HUD staff HUD makes referrals to its Troubled Agency Recovery or Enforcement Centers
MASS	Assessment of the management operations of all Public Housing Agencies	Measure key management operations and responsibilities of Public Housing Agency for the purpose of assessing the PHA's management operations capabilities	Annually - not later than 60 days after the end of the Public Housing Agency's fiscal year	PHAs electronically submit HUD/ REAC a certification on its performance	REAC scores and reports results via Internet to agencies and the HUD staff HUD makes referrals to its Troubled Agency Recovery Center
PASS	Physical inspections of all public housing and HUD multifamily properties	Ensure that all HUD assisted properties provide decent safe and sanitary housing for tenants	Annually - three months prior to fiscal year end for public housing Annually at the contract expiration date for HUD assisted housing	HUD trained inspectors to use hand-held computers to inspect more than 500 condition points. Inspection results transmitted electronically to REAC.	REAC scores and reports results to agencies, owners and HUD staff via Internet Owners required to complete needed repairs
QASS	Quality Control Reviews (QCRs) of independent public accounting firms; financial assessments of public housing agencies (PHAs), multifamily ownership entities, and tribally-designated housing entities (TDHEs); risk assessments of HUD programs and systems	Ensure that financial information submitted to REAC is reliable, and that financial weaknesses are addressed. Ensure that material program risks are identified and mitigated	Periodically throughout the year, based on referrals, risk assessments, and program office requests.	A team of auditors, analysts, and CPAs conduct financial reviews, QCRs, and risk assessments. External reviews are generally conducted onsite at the offices of HUD program participants. Risk assessments are conducted at HUD headquarters and field offices.	Assessment results are reported to HUD field offices, external auditees, HUD program management, state accounting boards, and other administrative bodies as appropriate.