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B-114873 1 (1973-05-31)

handle is hein.gao/gaobaadyl0001 and id is 1 raw text is: COMPTROLLER GENER AL OF THE UNITEO STATES WAS4INGTON. O.C. 20S411 B-114873 MAY 31 1973 The Honorable H. K. Gross House of Representatives Dear Mr. Gross: .Ycur letter dated February 21, 1973, rcque.-ed advice on what steps, if any, could be taken to ease the burden of a Farmers Home Administration (HA) requirement that annual audits be madie of association borvowe s--such as the Britt Country Club in britt, oewa--that are indebted to FHA. We discussed the results of our Inquiries into this matter with your office on May II, 1973. This letter confirms that discussion. At. the time of your request, the pertinent FHA regulations (7 CFR 1823.287) stated that FHA borrowers which were required to have an annual audit performed by ati independent public accountant were --.hose whese projected gross income for a full year of opera- tions exceeded $25,000, and --others as required by the Y'MA 7cate dirctor. The regulations required that such audits be conducted in accordance with generally accepted auditing standards by independent certified public accountants or by ,ndependcnt licensed public accountants licensed on or before December 31, 197j. Your letter and the enclosures indicated that, in accordance with these regulations, FHA was requiring the Britt Country Club--a recreation association indebted to FHA--to have an audit made by an independent public account:ant because it had an annual gross income of about $34,000. On April 27, 1973, FHA advised its State directors of certain chariges that it intended :o make in its requirements pertaining to audits of its bo-rowers. (See enclosure.) Or: of the changes was to increase from $25,000 to S50,000 the projected annual gross income a 7(0970

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