City Auditor Laura Doud Finds Urban Commons Misrepresents Financial Information of Queen Mary



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

Despite the significant lack of cooperation from Urban Commons during the investigation process, the investigation revealed that Urban Commons did not actually misrepresent financial information and fulfill its obligations under the lease. It contains two important discoveries to confirm:

  1. Urban Commons submitted to the city in the form of an invoice that paid the vendor when the vendor was not receiving payment.And
  2. Urban Commons and some vendors do not provide or document all the information necessary to support that the cash payments to the vendors were made at the amount or date claimed by Urban Commons.

For invoices, Urban Commons will submit an invoice to the city for a refund of the work done by the vendor you hired. The invoices submitted by Urban Commons were stamped with “PAID”, which was “self-certification” indicating that they had been paid, but those payments were not individually confirmed. It was. Further investigation of these invoices revealed that Urban Commons created a “tracking document” stating the actual date that Urban Commons paid the vendor. 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. Turned out. In fact, we found that Urban Commons charged the city on average 51 days before paying the vendor.

The findings provide clear evidence that Urban Commons deliberately and explicitly misrepresented the truth to Citi.

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

This false explanation of truth and the attitude of Urban Commons, who do not want to provide the basic and necessary financial records, are very annoying and we will continue this investigation.

For more information on the survey results, please refer to the survey report. Here..

City Auditor Laura Doud Finds Urban Commons Misrepresents Financial Information of Queen Mary Source link City Auditor Laura Doud Finds Urban Commons Misrepresents Financial Information of Queen Mary



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