As a result of our audit, we proposed seventeen (17) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas such as due from the owner, accumulated depreciation, proper-of-use assets-operating lease, PNC line of credit, debt issuance cost, lease liability revenue, and expenses.
As a result of our audit, we proposed seventeen (17) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas such as due from the owner, accumulated depreciation, proper-of-use assets-operating lease, PNC line of credit, debt issuance cost, lease liability revenue, and expenses.
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in for the following tenant:
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in for the following tenant:
During the testing of move-out, the following tenant did not receive a security deposit within 30 days after the move-out date:
During the testing of move-out, the following tenant did not receive a security deposit within 30 days after the move-out date:
During the testing of work orders, the Project could not provide a detailed schedule for work orders and/or work orders for the period of January 1, 2023, through December 31, 2023, for testing.
During our testing of Housing Quality Standards, we were told that an annual inspection was not performed in 2023.
: During our Testing of Cash Disbursements, no approval was noted on two (2) of the vendors’ invoices.
The Management Agent’s Certification approved by HUD on 2/22/2022 per page 1 of 4 1(2) Fees: stated the following: a) 5.57% of residential income collected;b)0% of commercial income collected; c) 0% of miscellaneous income collected However, the Management Agent charged the Project 5.57% of miscellaneous income collected fees for April 2023, May 2023, and December 2023, totaling $35.47.
As a result of our audit, we proposed seventeen (17) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas such as due from the owner, accumulated depreciation, proper-of-use assets-operating lease, PNC line of credit, debt issuance cost, lease liability revenue, and expenses.
As a result of our audit, we proposed seventeen (17) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas such as due from the owner, accumulated depreciation, proper-of-use assets-operating lease, PNC line of credit, debt issuance cost, lease liability revenue, and expenses.
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in for the following tenant:
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in for the following tenant:
During the testing of move-out, the following tenant did not receive a security deposit within 30 days after the move-out date:
During the testing of move-out, the following tenant did not receive a security deposit within 30 days after the move-out date:
During the testing of work orders, the Project could not provide a detailed schedule for work orders and/or work orders for the period of January 1, 2023, through December 31, 2023, for testing.
During our testing of Housing Quality Standards, we were told that an annual inspection was not performed in 2023.
: During our Testing of Cash Disbursements, no approval was noted on two (2) of the vendors’ invoices.
The Management Agent’s Certification approved by HUD on 2/22/2022 per page 1 of 4 1(2) Fees: stated the following: a) 5.57% of residential income collected;b)0% of commercial income collected; c) 0% of miscellaneous income collected However, the Management Agent charged the Project 5.57% of miscellaneous income collected fees for April 2023, May 2023, and December 2023, totaling $35.47.