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Processing Residual Receipts for Contract Administrators and Owner Agents

Per HUD Notice H-2012-14  – Issued: August 3, 2012

HUD has received several incorrect miscellaneous payment requests for Residual Receipts offsets.  To correctly submit these requests, please follow the instructions below.

Owner Requirements

1.  In order to accomplish the Offset Process, project Owners must submit a miscellaneous payment request through the Contract Administrator along with their electronic monthly HAP voucher. The request must include: (a) the amount of the offset, expressed as a negative amount and (b) the text phrase “RR OFFSET” in the comment field, along with the actual offset amount inserted.  For example, if the project is using $1,000.00 of Residual Receipts each month, the entry would be: “RR OFFSET -$1,000.00”

2. The miscellaneous payment request must be sent to “Field Office Initiated Accounting Adjustment,” with a code of “FORQ.” TRACS will automatically deduct the offset amount from the total voucher amount approved, thus assuring that the proper amount will be paid via TRACS.

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