Finding Text
2022 ? 002 Developer Fees Receivable Condition: Developer fees receivable have not been recorded as required under Generally Accepted Accounting Principles. Criteria: Generally Accepted Accounting Principles require developer fees receivable to be recorded as a receivable and revenue in the period they are entered into. Cause: There are no procedures in place to appropriately record developer fees receivable. Effect: Developer fees receivable are not being recorded. Recommendation: Procedures should be implemented to record developer fees receivable and a schedule to track such receivables should be maintained. Views of Responsible Officials and Planned Corrective Actions: ElderHomes Corporation dba project:HOMES and Subsidiaries agrees with the finding and the recommend procedures have been implemented.