Miami, FL : Office Building
Audit Findings : Capital Amortization
Savings : $3,000,000
A Fortune 100 financial institution leased 700,000 square feet in a 1,800,000 square foot commercial campus. Pursuant to a new local ordinance, the landlord initiated a multi-year capital project as well as additional projects not required by law.
Our extensive audit identified that certain capital expenditures were expensed in the years audited rather than amortized over multiple years while other projects, which should have been excluded completely from operating expenses under the lease, were billed to our client. These findings resulted in an immediate recovery of over $1,000,000 for our client and an additional recovery of over $2,000,000 in subsequent years.