| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #7310 | Closed | public | Multifamily | Les Sparks |
|
what happens to account 1121 Construction Cash after the construction is completed? Can they put the cash into account 1120 Cash – Operations? Thanks |
|
|
From Les Sparks: Andy, what usually happens depends on the agreement with HUD. If HUD has no other specific requirements and all other escrow limits have been met, the money usually goes back to the owner. However, there is no issue with transferring the money to the project account. That is always allowed. |
Write a reply
The ticket has been closed. If you feel that your issue has not been solved yet or something new came up in relation to this ticket, you can re-open it by clicking this link.