| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #6757 | Closed | public | Multifamily | Les Sparks |
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We are working on the compliance end of a multifamily audit and we noticed that the managing agent is charging their fee on reserve for replacement releases as if it is income. Just checking to make double sure this is not allowed by HUD. The managing agent is taking all inflows and charging their monthly percentage to these inflows, included any releases from the reserve for replacements account. I think I know the answer but wanted another opinion. |
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From Les Sparks: Please see Handbook 4381.5, 3.4, 3.4 and 3.5 for a complete description of allowed an unallowed items. |
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