| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #18267 | Closed | public | Multifamily | _General Support |
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Les, We were just notified that DEC provided a closure letter, dated March 28, 2023. Issue was excess surplus cash distribution in 2020 ($27,378) and 2021 ($81). Was in surplus cash position at 12/31/2021. Our 2021 audit did not report finding of excess cash distribution as our calculation deemed adequate surplus cash. We were not made aware of DEC finding letter that was sent in 2022. Is that something that I should be able to research, or do I leave it up to owners/management to inform me? Since 2022 audit has been submitted, should findings be addressed in the prior findings and resubmit? The project is in a surplus cash position at end of 2021 but did not make distribution in 2022. Project is in surplus cash position at 12/31/22 and plans to make distribution. |
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Kevin, without the client telling you about this, there is no way of knowing HUD is investigating. They are supposed to give you any communications they have had with HUD. This had to be going on for a while. If you find out after the fact, then there really is no reason to do anything else except figure out what went wrong in 2021. IT is over. If you had known it would have been reported in the Schedule of Prior Audit findings.
Les Sparks
From: AHACPA Support <support@ahacpa.org> |