6 Miss. Code. R. 4-7.8 - Financial Management Requirements
A. Conformance to
Accountability Standards. The organization must conform to the financial
accountability standards of 24 CFR 84.21, "Standards for Financial Management
Systems", as evidenced by notarized statement by the board president or Chief
Financial Officer (CFO), or a certification from a Certified Public Accountant
(CPA), or a HUD approved audit summary.
B. No Individual Benefit. No part of a CHDO's
net earnings (profits) may benefit any members, founders, contributors, or
individuals. This requirement must also be evidenced in the organization's
charter or articles of incorporation.
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