| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #19110 | Closed | public | Multifamily | Les Sparks |
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A client decided to withdraw all of its reserve for replacement funds from one bank and deposit at another financial institution. They requested and received approval from HUD for this transfer. When preparing the REAC schedule for reserve for replacement, would this transfer be reported as “other withdrawal” and “other deposits” or would those two lines not be necessary? |
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Jospeh, you could really do it either way. If I did it my way, I would just ignore the transfer transactions and leave as if it were a normal year.
Les Sparks
From: Support <support@ahacpa.org> |
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You never know, but the balance doesn’t really change. If they do try, it should be very easy to match it to what happened.
Les Sparks
From: Support <support@ahacpa.org> |