MINC USDA Budgets Tasks Create New Budget
This task allows you to create a USDA Budget File to be transmitted through the MINC web site for USDA communities for each of the USDA Budget Types that you may or may not be required to transmit to USDA via the MINC web site. The task will also print copies of all parts of the USDA Budget forms (Form RD 3560-7 or Form RD 3560-10) with the USDA Budget data that is in USDA Budget file created with this task.
USDA Budget Types:
P2 - Proposed Budget (Form RD 3560-7)
Y2 - Year End Actuals (Form RD 3560-7)
Q2 - Quarterly Actuals (Form RD 3560-7)
M2 - Monthly Actuals (Form RD 3560-7)
B2 - Balance Sheet (Form RD 3560-10)
Community has a USDA Funding Program
The USDA Funding Program has a Community Nbr (Project No.) set on the Community Detail > Program Info Tab.
The USDA Funding Program Contract has a Borrower's TIN Nbr (Borrower ID) set on the Community Detail > Contract Tab.
Occupancy and Compliance Detail MINC USDA Budgets Tasks Create New Budget
Select the Borrower ID/Project Nbr for which the USDA Budget file is to be created.
This drop down list is populated from the combination of entries in the Borrower's TIN Nbr on the Community Detail > Contract Tab and the Community Nbr on the Community Detail > Program Info Tab. If either of these columns on these tabs does not have an entry in them, you cannot move forward in the task.
Select the Fiscal Year the USDA Budget file to be created.
Select the Budget Type of the USDA Budget file to be created.
Please note that if you already created a P2 USDA Budget file, for example, for a Fiscal Year, the P2 Budget Type will not be available in the drop down list when that Fiscal Year has been selected.
For the P2 Budget Type select an Effective Date. The Effective Date of a P2 USDA Budget File is the first day the budget being submitted is effective. For example, a budget file for a 2010 calendar year budget would have a 01/01/2010 Effective Date.
For the Q2 Budget Type select the Quarter covered by this USDA Budget file submission.
For the M2 Budget Type select the Month covered by this USDA Budget file submission.
For the Y2 and B2 Budget Types, no date/time period selection is necessary as both of these USDA Budget file submissions are for the entire Fiscal Year selected above.
For customers who use Bostonpost Financials as their accounting application and are required to submit USDA Budgets, select the Prefill Amounts from BPF parameter to pull balances into the Actual column of the Y2 - Year End Actuals, Q2 - Quarterly Actuals, M2 - Monthly Actuals and B2 - Balance Sheet Budget Types. For the B2 - Balance Sheet Budget Type, both current year and prior year actual balances will be prefilled on the Budget Form. If no data is found in these Account Groups, the task will continue with no balances brought over
For this process to work, you need create Account Groups in Bostonpost Financials for each of the applicable rows in the USDA Budget Forms (USDA Budget Account Groups). Please contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance in setting up these Account Groups.
Click Next.
For each of the Budget Types, fill out the appropriate fields and columns for each part of the Form RD 3560-7 (P2, Y2, Q2 & M2) or Form RD 3560-10 (B2). Depending on with Budget Type you are creating a USDA Budget file for, only certain columns will be active.
P2 - Proposed Budget
Parts I, II, III - Enter amounts in Proposed Budget (Column 3) and in Comments (Column 5)
Part IV - Enter amounts for Section B - Proposed Rents
See the USDA Form Instructions on entering the Proposed Rent information. Rent Schedule information should be entered using the Schedule Types (displayed in the Part IV step of the task).
These Schedule Types indicate how groups of units can be summarized.
Basically, you summarize rents by Bedroom Size for each Unit Type that have the same rents.
Be sure to enter the number of units in the Unit column, otherwise Potential Income from Each Rate columns won't calculate correctly on the printed form.
Only enter a Unit ID when the row represents one unit that is unique from all other units.
Use the Add Row and Delete Row buttons to complete the Proposed Rents Schedule.
Part V - Enter amounts in Proposed Number of Units/Items (Column 1), Proposed from Reserve (Column 2), Proposed from Operating (Column 4) and in Comments (Column 8).
Part VI - Enter the budget narrative in the Comments Field.
Y2 - Year End Actuals
Parts I, II, III - Enter amounts in Current Budget (Column 1), Actual (Column 2) and in Comments (Column 5)
Part IV - Not applicable for the Y2 Budget Type
Part V - Enter amounts in Proposed Number of Units/Items (Column 1), Proposed from Reserve (Column 2), Actual from Reserve (Column 3), Proposed from Operating (Column 4), Actual from Operating (Column 5), Actual Total Cost (Column 6), Total Units/Items (Column 7) and in Comments (Column 8).
Part VI - Enter the budget narrative in the Comments Field.
Q2 - Quarterly Actuals and M2 - Monthly Actuals
Parts I, II, III - Enter amounts in Current Budget (Column 1), Actual (Column 2), YTD (Column 4) and in Comments (Column 5)
Please note that Comments will not display on the printed form. For these 2 budget types, Column 4 on the printed form is only used for YTD Amounts. All comments will be included in the file to be transmitted to MINC.
Part IV - Not applicable for the Q2 and M2 Budget Types
Part V - Enter amounts in Proposed Number of Units/Items (Column 1), Proposed from Reserve (Column 2), Actual from Reserve (Column 3), Proposed from Operating (Column 4), Actual from Operating (Column 5), Actual Total Cost (Column 6), Total Units/Items (Column 7) and in Comments (Column 8).
Part VI - Enter the budget narrative in the Comments Field.
B2 - Balance Sheet
Part I - Enter amounts in Current Year (Column 1), Prior Year (Column 2) and in Comments (Column 3)
Items to consider for all Budget Types
Use the Tab key to navigate between fields to enter amounts and comments.
Rows that has a red asterisk (*) require that you add a comment for that row. The Budget File will not pass validation until the comment has been entered for each of these rows. Comments can be entered for any of the other rows, but that is not required.
Totals from certain parts will flow to where they should be recorded on other parts of the budget form. For example, the Total on Form RD 3560-7 Part II, Operating and Maintenance Expense Schedule, will flow to Part I, Line 16, Total O&M Expenses.
Once one Part of a Form is completed, click Next to go to the next Part. You can also click Previous to navigate to a prior Part. You can also click each Tab of the task to navigate directly to any other Part of the Form.
At any time after the first step of this task, you can click on the USDA Budget Status tab to see Validation messages. All Validation Errors will be listed here with a description of what needs to be done to correct it.
Print Options - Select each Part of the USDA RD Form to print when Finished is clicked. Each Part can be previewed before completing the task.