[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR990.310]

[Page 725]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 990_THE PUBLIC HOUSING OPERATING FUND PROGRAM--Table of Contents
 
                   Subpart C_Project-Based Accounting
 
Sec. 990.310  Project-based accounting.

    (a) PHAs identified in Sec. 990.301(b) shall develop and maintain a 
system of accounting for operating income and operating costs for each 
project or operating cost center in a manner capable of generating 
information to meet HUD consolidated reporting requirements.
    (b) Operating income and cost information to be accounted for at a 
project or cost center level shall include at least rental income and 
the administrative costs, utilities costs, maintenance costs, repair 
costs, and such other income and costs identified by the PHA as project-
specific for management purposes. The minimum income and expense 
distribution requirements for project-based accounting information 
include:
    (1) Project-specific operating income credited to a specific project 
or cost center which shall include, at a minimum, rental income and 
excess utilities income; and
    (2) Project-specific operating expense to be charged to a specific 
project or cost center level which shall include, at a minimum, 
utilities expense and direct maintenance (material and labor) expense, 
in addition to any other operating expenses in the 4000 series of 
accounts which are identified by the PHA as project-specific for 
management purposes (for example, tenant services or protective services 
personnel assigned to a specific project).
    (c) Indirect operating income and indirect operating expenses that 
are not project-specific are not required to be accounted for at, or 
allocated to, a project or cost center level. Indirect income and 
expense that is not required to be allocated to the project or cost 
center level includes non-project-specific income and expense, including 
PHA central office overhead expense, which is not identifiable with, or 
readily assignable to, a specific project or cost center.
    (d) PHAs may establish operating cost centers on any reasonable 
basis that reflects the PHA management structure and that meets the 
financial information needs at the lowest level of line authority within 
that management structure. A PHA's determination of appropriate cost 
centers and method of income and cost distribution shall be controlling 
unless HUD determines there is good cause for requiring some other frame 
of reference for aggregating financial information.