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INSTRUCTIONS FOR PREPARATION OF FORM HUD -52595 BALANCESHEET GENERAL. a. The Public Housing Aeency (PHA) shall prepare Form HUD -52595, Balance Sheet, for each Annual Contributions or Administration Contract, except as otherwise provided in footnotes !/ and ?/ below. Information on required time and place of submission and number of copies of Form IIUD-52595 is provided in the Low -Rent Housing Accounting Handbook 7510.1, Chapter 13. b. Semicnnual Reporting. The semiannual balance shee! may be prepared from the trial balance taken from the General Ledger at the end of each semiannual period for which a balance sheet is squired. 1t' there is a balance in an), of the accounts in the 5000 and 6000 groups, these accounts are not to be closed until the end of the fiscal yea:, but the difference between the total debit balances and the total credit balances of these accounts should be reported on the balance sheet in Account 2810, Unreserved Surplus. Also, if there is a balance in any of the accounts in the 8100 Group (8110, 8112, and/or 8115), these accounts are not to be closed until the end of the fiscal year, but the credit balancein ahy of these accounts should be reported on the balance sheet in the appropriate surplus account (Account 2855 or Account 2856, as applicable). The balances of all other accounts shown on the trial balance, except the memorandum accounts in the 7100, 7500, and 7700 groups, should be reported on the balance sheet. Form HUD -52595 provides for reporting combined totals for certain accounts. The footnotes need not be completed on the semiannual balance sheets c. Fiscal Year lyd Reporting (11 At the end of each fiscal year, after preparing all other financial reports for the fiscal year, appropriate entries should be recorded to close the accounts in the 3000, 4000, 5000, 6000, 7000, 8000, and 8100 groups After recording these closing entries, a post -closing trial balance of the General Ledger should be prepared to determine that the General Ledger is in balance after closing. The Balance Sheet may be prepared from the balance shown on the Post -closing trial balance. The Form I1UD-52595 provides for reporting combined totals for certain accounts (2) When preparing the Balance Sheet at the end of the fiscal Year, complete the footnotes on Page 1 of the form as follows: (a) In the space provided for reporting the amount of cash in the General Fund which represents proceeds from disposition o; property reserved for the replacement of equipment, the reconstruction and restoration of damaged property, or for such other purposes as provided in the Contract, enter the balance in Account 7580, Proceeds From - gjsposition of Property - Reserved. (b) The space provided for reporting the amount of accrued annual leave of employees is to oe completed by all PHAs which have adopted a personnel policy which requires payment 10 terminated employees for any accumulated annual leave not used as of the date of termination of employment. Enter in this space the .balance of Account 1840, Earned Annual Leave, as of the end of the fiscal year. If the PHA has elected not to record the amount of accrued annual leave in its books of account, the amount of accrued annual leave to be reported on the balance sheet should be computed on the basis of the number of hours of unused annual leave for each employee at the close of the fiscal year and in accordance with personnel policies in effect at that date. 2. HEADING. a. Public Housing Agency. Enter the name of the PHA. b. Locality. Enter the address including ZIP code of the PHA. c. Period Ended. Enter the period ending date covered in the report.— d. Contract Number. Enter the appropriate Annual Contribution Contract Number. ' e. Project Number(s). Enter the project number(s) of all projects covered in this report. 3. Lines 1 through 98. Self-explanatory. I In those cases where the books of account and records of a teased project, which is under a separate Annual Contributions Contract, are combined with the books of account 4nd records maintained for an Annual Contributions Contract covering other projects of the FHA, a single Balance Sheet may be submitted for the combined General !.edger maintained for the two Contracts. In those cases where the books of account and records of a Housing Assistance Payments Project (Section 23 and/or Section 8) which is under a separate Annual Contributigns Contract, are combined with the books of account and records maintained for an Annual Contributions Contract covering other projects of the PHA, a single Balance Sheet may be submitted for the combined General Ledger maintained for the two Contracts. *U.S. G.P.D. 1980--640-2221870 raw