| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #6925 | Closed | public | Multifamily | Les Sparks |
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I have a nonprofit 811 client who has been in operation a little over a year. HUD has been late in paying their tenant assistance but is caught up now with the exception of two months. At 12/31/16, they had an A/R from HUD of $23,000. Because A/R – HUD is included as cash in the surplus cash calculation, it is calculated surplus cash of $22,000. They are struggling to make ends meet at this point, especially with the delayed payments. It isn’t logical to me that they would be expected to transfer $22,000 to the residual receipts account at this point. Is there a go around for this? I see that there is an “other current liabilities” option in REAC. Thank you for any help you can provide. |
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From Les Sparks: If you classify the amount as due from HUD it will come into the surplus cash calculation automatically. This you already know. There is only on option – you can place it in account 2190, give it a detail and then not include it in the calculation. Otherwise there are no options. Les |