Project Based Accounting

Public housing authorities (PHAs), whose fiscal year begins July 1, 2007 or after must account for all revenue and costs by projects, which are grouped under Asset Management Project (AMP) numbers. HAI Group is helping you through legislative advocacy and HTVN training on “Property Manager Basics.” However, the most immediate service we are providing is project-based billing.

Beginning with membership renewals on or after April 1, 2007, we will provide you with a project-based breakdown of premiums for Liability and Property insurance. This statement will accompany our insurance quotes and invoices. Each project will receive its premium based on our actual underwriting process, not an allocation of premium, which results in more accurate assignment of costs. Property premium is generally assigned based on building values, while liability premium is generally based on rental units.

To ensure the most detailed account of buildings and AMP number and to keep your time commitment to a minimum, we will ask you as part of the renewal process to export and save the data from two reports in the PIC system, the Building Detail and AMP Assignment reports.

We understand that some buildings in the PIC records have their own unique issues. So we take time to compare the PIC building information against our current records and ask you questions to ensure accurate building detail and provide accurate insurance premium assignment to your AMP numbers.

In the future, we plan to provide project-based billing for auto insurance and the ACC public housing units in mixed income projects you insure with us through HEIC.

For more information, please contact Jeff Bischoff at 800-873-0242, ext. 425, or Kate Barbera at ext. 212.

Resources

Our Project Based Management Resources page offers links to recent articles and online sources, such as HUD, NAHRO, and PHADA that will provide you and your PHA staff with the most recent, up-to-date information. Also see an  overview of Project Based Management.