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Audit of Beloit Road Senior Apartments shows clean report but flags operating pressures
Summary
Beloit Road Senior Apartments LLC received a clean audit from Baker Tilly, but CDA staff warned of underlying operating and capital pressures — insurance increases, deferred repairs and limited reserves — and approved the audit for the record.
The West Allis Community Development Authority received and placed on file an audit report for Beloit Road Senior Apartments LLC from Baker Tilly, U.S. LLP, and staff warned members that the property faces operating and capital pressures despite a clean audit opinion.
Patrick, staff member for the authority, displayed audit figures and said the apparent loss on paper reflects accounting for payments the authority expects to waive in exchange for regaining the property, not unreported cash outflows. He described the Baker Tilly report as a “clean” audit while adding that there are…
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