Electronic transfers

City auditor Laura Doud discovers Urban Commons distorts Queen Mary’s financial information

The City of Long Beach Audit Office (Bureau), in conjunction with the accounting firm Hemming Morse, is Urban Commons Queensway LLC (Urban Commons), the leaseholders and operators of Queen Mary’s and Long Beach City (city). The purpose of the study is to confirm that $ 23 million approved by city council in 2016 went to fund 27 important and urgent repair projects identified in the 2016 Marine Survey. That was it.

Despite the significant lack of cooperation from Urban Commons during the investigative process, the investigation found that Urban Commons had in fact not misrepresented financial information and had failed to meet its obligations under the lease. It contains two important findings to be confirmed:

  1. Urban Commons submitted to the city in the form of an invoice that paid the seller when the seller did not receive payment.
  2. Urban Commons and some vendors do not provide or document all of the information necessary to prove that cash payments to vendors were made in the amount or on the date claimed by Urban Commons.

For invoices, Urban Commons will submit an invoice to the city for a refund of work done by the supplier you hired. Invoices submitted by Urban Commons were marked “PAID”, which meant “self-certification”, indicating that they had been paid, but these payments were not individually confirmed. It was. Further investigation of these invoices revealed that Urban Commons created a “tracking document” showing the actual date that Urban Commons paid the provider. Comparing the invoices to the tracking documents, 87 of the 89 invoices with the “PAID” stamp submitted by Urban Commons to the city were not actually paid when the invoices were submitted to the city. Proved. In fact, we found that Urban Commons billed the city an average of 51 days before paying the seller.

The results clearly demonstrate that Urban Commons deliberately and explicitly distorted the truth at Citi.

In addition, Urban Commons does not provide very important information to verify the accuracy of payments made for the planned repair project, as required by the rental agreement. After repeated requests, Urban Commons announced electronic registration of checks, cash account details, bank statements, canceled checks, cashier’s checks, wire transfers or in connection with the $ 23 million funded by the city. We do not offer any other payment to suppliers or subcontractors.

This false explanation of the truth and the attitude of Urban Commons, which does not want to provide basic and necessary financial records, is very boring and we will continue this investigation.

For more information on the results of the investigation, please see the investigation report. Here..

City auditor Laura Doud discovers Urban Commons distorts Queen Mary’s financial information Source link City Auditor Laura Doud finds Urban Commons distorts Queen Mary’s financial information

Source link

Comment here

placeholder="Your Comment">