| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #11174 | Closed | public | Multifamily | Les Sparks |
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What is the appropriate way to handle the following situation: Replacement reserve request was submitted 12/14/18 but not approved until 2019. It was not included in 12/31/18 surplus cash calculation. Given that HUD was shutdown and will allow 2018 reserve release requests to be included in year-end surplus cash, can the project now take the released amount as a distribution or does it have to wait until a semi-annual surplus cash calculation is made? |
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If the R4R request was NOT in the calculation, then surplus cash was not increased by the amount. They are then limited to the amount of surplus cash that was calculated without the R4r in transit. That is why HUD allowed those amounts to be included.
The only way to fix it now would be to request a resubmission and include it in the calculation.
Les Sparks AHACPA (801) 547-0809
From: AHACPA Support <support@ahacpa.org> |