- S1000-030 on REAC filing
We have a non-profit HUD client who is required to have a debt service savings reserve account in accordance with…
- what happens to surplus cash after the loan is paid off?
A non-profit with no mortgage and therefore no regulatory agreement continues to receive project based Section 8 subsidies. 1. Is…
- Surplus Cash and Residual Receipts 207/223(f) Project
I am a CPA and I am engaged to audit an entity that converted from a section 236 project to…
- HUD NFP Data Collection Form
We have a NFP client that is a multifamily developer, and they now have a NFP HUD project that they…
- DEC Letter – Surplus Cash Calculation
I have a client that recently received a letter from the DEC for the improper calculation of surplus cash and…
- Use Agreements & Financial Statement Preparation Engagement
We have a new client that as part of a purchase agreement, assumed a HAP contract. The assignment, assumption and…
- Deducting amounts paid for fixed assets costing less than $5,000 per item
Under the IRS Tangible Property Regulations, a Company with annual audited financial statements can elect to deduct (instead of capitalize)…
- 232 Audit Requirement
We do a few HUD Audits for Nursing Homes. Currently, we audit both the operating and the property/holding company. We…
- PRAC Capital Advances
Are PRAC capital advances consider a loan or equity to a new project
- PRAC Recapture
I saw your posting about the preferred accounting treatment for the recognition of the costs, which I know is different…
- Audit requirement – HUD (under $750,000)
One of our clients is currently under the $750,000 requirement for the Uniform Guidance (about $725,000), so they would not…
- Uniform Guidance vs A-133 Applicability
I am working on a 1/28/16 audit (and planning for our 6/30/16 audits) and am running into a few issues…