Finding Text
University Orthopaedic Services, Inc. reported $2,256,044 as a component of grant revenue related to the Provider Relief Funds ("PRF") in the financial statements for the year ended December 31, 2021. However, we noted the Practice Plan reported $682,924 of the total PRF amount was utilized for rent expenses in the first quarter of 2022 on the PRF report that was submitted to the HRSA PRF reporting portal. As a result, the Practice Plan's reporting is inconsistent with the revenue recognized. Management of University Orthopaedic Services, Inc. has acknowledged the PRF report submitted to the HRSA PRF reporting portal was incorrect, and the expenses were utilized in full in the year ended December 31, 2021. Management has agreed to ensure that moving forward the PRF reporting will be accurately completed.