| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #7657 | Closed | public | Multifamily | Les Sparks |
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If a 232 project distributes excess surplus cash from the 6/30/15 calculation, then has negative surplus cash at 12/31/15, is the amount of the questioned costs the negative balance at 12/31/15, which is the net amount to be repaid, or the negative balance at 12/31/15 plus the excess distribution for the 6/30/15 calculation? The agreement is on Form 92466 (11/2002), with closing dates in 2011 and 2012 (2 separate projects). |
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From Les Sparks: The over distribution is simply the the sum of surplus cash at 12/31/14 minus distributions in the first 6 months, plus surplus cash at 6/30/2015 minus distributions taken in the period form July 1 through 12/31/2015. Now if they had $100,000 available at 12/31/14 and took $105,000 in the first 6 months they technically over-distributed. However, if they still have surplus cash at 6/30/2015 that impact is not really a finding as they still had surplus cash after over distributing. Nevertheless, the measurement for compliance is as i described it. |