Highlands Residential Services could see a finding on its next audit report for the first time in eight years.
Director of Operations Chris Cassetty told board members at its meeting Thursday. He said the oversight had to do with not reconciling a federal home loan bank grant.
“And we actually never see any of the money they actually send the money straight to the local bank that we partner with, and it was specifically for Oak Tree Towers,” “But it’s still grant revenue for us. And I just didn’t think to have accounting book that. We just missed it.”
Cassetty said with all of the development Highlands Residential is doing, there will be some other entry adjustments needed as well. He said auditors have recently finished their research and will work on writing the final report, but a finding is likely.
“The truth of the matter is for my 25-year career, 26-year career, and Kelly’s 20-year career our accountant, we really haven’t done much development,” Cassetty said. “And we’re doing a lot of development now and we just missed it. So I want the board to be aware of that now and when the board sees that next month, you won’t be surprised.”
Cassetty said this was a one-time oversight and that he has learned for the future. Executive Director Dow Harris said if mistakes are not made every so often, they are not doing their jobs correctly.
“And we learn by that and now we know how to handle the next federal home loan bank grant, and make sure it’s properly booked,” Harris said. “So we’ll see that doesn’t occur. We occasionally slip up and make mistakes ourselves every once in a while.”
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