As a result of the audit report, management has put arrangements in place to closely monitor the child care suspense account
IRS guidance provides that the failure can generally "be corrected by reallocating all forfeitures in the plan's forfeiture suspense account
to all plan participants who should have received them, had the forfeitures been allocated on time."
A suspense account
has been opened to make it balance.
"The proposed delay of the rule's supervisory review provisions from the August 4, 2008 effectiveness date should allow sufficient time to evaluate interpretive issues involving supervisory review, the rule's application to non-recommended transactions, and the use of 'suspense accounts
' for payments pending supervisory approval," says Wilkerson.
"She found the money in a suspense account
and arranged for it to be paid at her local branch.
For example, many servicers wrongly believe that the placement of funds into a suspense account
does not result in a legal conclusion that the funds have been accepted by the servicer.
Since April 2001, more than pounds 19m has been collected, with more than pounds 2m paid out, leaving pounds 17.03m in the suspense account
"We have identified a lot of misappropriated and inflated funds which are presently floating in a suspense account
This action was however intentional and since then the fund has been in a suspense account
at the Central Bank of Nigeria - our APEX bank, we are now ready to transfer the fund overseas, and that is where you come in.
If a leveraged ESOP borrows and buys company stock, the stock is placed in a so-called "suspense account
." Each year as the corporation makes tax-deductible cash contributions to its ESOP, stock is released from the suspense account
and allocated to the accounts of the participants.
One approach is to establish a suspense account
for the excess contribution amount, and to use that suspense account
to reduce subsequent employer contributions.
He found more than $1 billion in an RTC holding tank called a suspense account
. Suspense accounts
are where RTC puts money it doesn't know what to do with, like monthly mortgage checks written to the wrong bank or payments mailed without a coupon.