| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #7521 | Closed | public | Multifamily | Kathy Christensen |
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When we performed the review for IHS, we made an error when inputting the data into the REAC template. When we were computing the surplus cash the amount for the Accrued Mortgage Interest Payable was mistakenly entered on the line for delinquent mortgage payments. This also effected the amount on the income statement which states the total amount of principal for that year. They received a letter for HUD about the principal amounts not matching the cash flow and this is how we discovered the typo. My question is what do we need to tell them to do to correct it? I saw where you could request re-submission from HUD, is that the route they should take? |
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Requesting a resubmission is usually the best way to go. Sometimes the local HUD project manager will accept a hard copy of the financial statements along with an explanation of the error. If the error is minor I will usually just send a memo to the HUD project manager. If the error is a surplus cash type question I will usually request a resubmission. |