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Mark Development CEO tells HCDA of accounting problems, outlines fixes at Honuakaha senior housing
Summary
Mark Development Inc. told the Hawaiʻi Community Development Authority that inaccurate rent rolls, missing tenant files and problems migrating to RealPage OneSite produced mapping errors that overstated receivables; management estimates corrected operating losses nearer $300,000 annually and outlined steps to finish reconciliations and rehab units to recover revenue.
Craig Watase, chief executive officer of Mark Development Inc., told the Hawaiʻi Community Development Authority on Dec. 3 that MDI inherited an inaccurate rent roll and documentation gaps when it took over management of the Honuakaha Senior Housing project and that a migration to RealPage OneSite introduced mapping errors that distorted accounts receivable.
Watase said MDI found missing tenant files, incomplete income certifications and units that were incorrectly recorded as occupied. Those baseline data problems, combined with software mapping issues, produced what he described as an overstated operating loss in the initially provided financials.…
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