During the year, properties are required to send reports to the State HFA and file federal tax returns. Additionally, the state HFA’s conduct compliance reviews at properties. As part of Evernorth’s reporting requirements, properties are to send copies of these reports to us. Please check the reporting requirements to see when you should be sending reports to us. The reporting deadline schedule for fiscal year-end 12/31 can be printed here, and the reporting deadline schedule for fiscal year-end 10/31 can be printed here.
Reporting Requirements
We ask that all files and reports be uploaded to our website portal, or submitted electronically, if possible, to Asset Management. Proprietary funds, please check your LPA Exhibit Reporting Requirements.
- Within 30 days after due date: copies of all required annual submissions to State HFA, including owner’s certification and leasing compliance report
- 45 days after the end of the fiscal year: submission of draft federal income tax return with supporting documents are due to Evernorth’s accountants Otis Atwell in South Portland, ME
- 60 days after the close of the fiscal year: submission of partnership’s audited financial statements are due to Otis Atwell
- 60 days after the close of the fiscal year: certification by General Partner regarding disclosure of any violations
- 75 days after the close of the fiscal year: submission of federal income tax return to the Fund
- 30 days prior to the fiscal year end: submission of partnership’s operating budget and proposed rent schedule for the next year
- 30 days prior to the fiscal year end: submission of Pre-Audit Questionnaire
- Proof of payment of real estate taxes and renewal of property insurance, preferably by anniversary date of tax cycle and policy term (all proofs of payment, can be included in next quarterly reporting cycle)
- Financial statements of Developer, Sponsor and/or General Partner, preferably within 90 days of subject’s fiscal year end
- Copies of any reviews and site inspection reports by state HFA or first mortgage lender conducted in current year (can be included in next quarterly reporting cycle)
- Copies of any notice of default or findings of non-compliance, including IRS Form 8823, and any notice of pending IRS audit or recapture of tax credits