Affordable Housing Group
Schoonover Boyer + Associates is a unique public accounting firm. We have successfully merged the technical competence and experience of the largest international public accounting firms with attentive service tailored to meet each client’s particular needs. SB+A has demonstrated its ability to customize its business practices to provide flexibility to the client and deliver the desired accounting and consulting services in a professional and timely manner. The primary objective of the firm has always been to provide optimum client satisfaction through a willingness and ability to provide value-added services and to act as a trusted advisor. The firm has experienced continued growth and diversification while enjoying a very high client retention ratio.
Schoonover Boyer + Associates has served the affordable housing industry, both private and governmental agencies, in a variety of capacities. The firm’s affordable housing services group comprises the largest percentage of its client base. As a result, a significant portion of the firm's resources is devoted to training employees in accounting services specifically designed to accommodate the needs of the affordable housing industry. Working with HUD, various state housing authorities and the Ohio Finance Housing Agency has acquainted SB +A with industry needs, accounting requirements and reporting protocol on both the federal and state levels.
Schoonover Boyer + Associates is currently engaged, as auditor and tax advisor, to affordable housing owners, operators and syndicators in Ohio, Michigan, Tennessee and California. Through these relationships, SB + A provides audit and tax compliance services to single asset entities owning affordable housing projects financed under Section 221(d)(3), Section 202, and Section 236 of the National Housing Act and who receive rent subsidies under the Section 8 Program and Rent Supplement Contracts. A number of these projects are Low-Income Housing Tax Credit projects. The firm has excelled in providing these clients with competent, timely, accounting services for a reasonable fee. Upon request, SB + A can provide contact information for any of these entities. Any of which will provide a favorable recommendation for our firm and the quality of service it is able to provide.
We have assisted clients with all facets of the Low-Income Housing Tax Credit Program including an initial analysis of forecasted basis, allocation of basis, calculations of first year and last year credits, minimization of credit recapture and investigation of the required bond amounts to be posted upon sale of a LIHTC project before the end of the compliance period.
Schoonover Boyer + Associates serves the Ohio Housing Finance Agency as its Bond Account Processor on the Single-Family and Multi-Family bond portfolio. SB + A has proven bond and loan accounting experience, and has successfully worked on a high volume of transactions for the Ohio Housing Finance Agency, most involving the major bank trustees, mortgage servicing companies, and investment providers. SB + A currently provides accounting and reporting services by the 25th day of each and every month 26 single-family and 27 multi-family housing bonds issues totaling over $1.9 billion. Our responsibilities include the delivery of an accounting package for each bond issue comprised of financial statements, trial balances, general ledger support schedules, and the accompanying analytical analysis. We have assembled a team that delivers quality work within exacting time strictures by using an experienced and highly specialized staff competent in the employment of the tools of accounting technology. We have established strategic alliances with other firms in order to tailor our services to achieve the results desired by our clients. The capital structures with which we work consist of taxable and tax-exempt, credit enhanced and unrated, fixed and variable rate, interest rate swaps, and capital appreciation bond issues. The collateral supporting the bonds consists of residential mortgages, GNMA securities, and single source multifamily mortgages.
Principals of Schoonover Boyer + Associates are members of:
· Midwest Affordable Housing Management Association
· Ohio Housing Council
· National Council for State Housing Authorities
· Government Finance Officers Association
· American Institute of Certified Public Accountants
· Ohio Society of Certified Public Accountants
The firm is based on the principle of providing the highest level of quality service to its business clients, effectively networking with its business partners, and benefiting its employees and the community in the process. It is the belief of this firm that our service to the affordable housing industry provides us an opportunity to maximize the use of our talents and abilities and serve the greater good by positively impacting communities across the United States.