[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR990.315]

[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 J_Financial Management Systems, Monitoring, and Reporting
 
Sec. 990.315  Submission and approval of operating budgets.

    (a) Required documentation:
    (1) Prior to the beginning of its fiscal year, a PHA shall prepare 
an operating budget in a manner prescribed by HUD. The PHA's Board of 
Commissioners shall review and approve the budget by resolution. Each 
fiscal year, the PHA shall submit to HUD, in a time and manner 
prescribed by HUD, the approved Board resolution.
    (2) HUD may direct the PHA to submit its complete operating budget 
with detailed supporting information and the Board resolution if the PHA 
has breached the ACC contract, or for other reasons, which, in HUD's 
determination, threaten the PHA's future serviceability, efficiency, 
economy, or stability. When the PHA no longer is operating in a manner 
that threatens the future serviceability, efficiency, economy, or 
stability of the housing it operates, HUD will notify the PHA that it no 
longer is required to submit a complete operating budget with detailed 
supporting information to HUD for review and approval.
    (b) If HUD finds that an operating budget is incomplete, inaccurate, 
includes illegal or ineligible expenditures, contains mathematical 
errors or errors in the application of accounting procedures, or is 
otherwise unacceptable, HUD may, at any time, require the PHA to submit 
additional or revised information regarding the budget or revised 
budget.