District of Columbia Housing Finance Agency (DCHFA) - Restoring Financial Integrity and Operational Efficiency

The engagement between DCHFA and IBS marked a pivotal step in restoring financial integrity and operational efficiency within the agency. Following the appointment of a new Executive Director, IBS was brought in to address critical deficiencies in financial operations, including delayed ledger closings and inadequate financial reporting. 

Solution:

Financial Operations Assessment & Internal Controls  

IBS conducted a comprehensive assessment of DCHFA’s financial operations, identifying systemic weaknesses and implementing targeted improvements. Key activities included: 

• Diagnosing root causes of delayed monthly ledger closings 
• Enhancing reporting processes to improve accuracy and timeliness 
• Strengthening internal controls to align with best practices in public finance 
• Preparing financial statements in accordance with GAAP and regulatory expectations 

Leadership Transition & CFO Onboarding 

IBS played a critical role in supporting leadership continuity through the recruitment and onboarding of a new Chief Financial Officer (CFO). Our team facilitated knowledge transfer, operational support, and strategic alignment between the incoming CFO and agency leadership. 

Federal Compliance & Audit Readiness 

To ensure compliance with federal programs and improve audit outcomes, IBS provided technical assistance on: 

• Analyzing administrative expenses under the Hardest Hit Fund (HHF) program 
• Preparing audit schedules and adjusting journal entries 
• Supporting external audits with accurate documentation and reconciliations 
• Properly classifying and coding investments to enhance financial transparency 

Financial System Modernization 

IBS evaluated options for future financial automation and ERP systems to modernize DCHFA’s accounting infrastructure. Our work laid the foundation for long-term improvements in data integration, reporting accuracy, and operational efficiency. 

Impact:

• Strengthened internal controls and restored timely financial reporting 
• Improved audit readiness and transparency across multiple program areas 
• Supported a smooth CFO transition and re-established leadership continuity 
• Ensured federal compliance and protected access to funding sources 
• Positioned DCHFA for long-term operational sustainability and modernization 

Why DCHFA Relied on IBS 

• Expertise in public housing and affordable housing finance 
• Proven track record with federal compliance and audit readiness 
• Trusted advisors in strategic staffing and leadership transition 
• Focused on sustainable solutions and institutional capacity-building