Audit 20971

Finding reference number: 2022-001 Assistance Listing title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Project identification number 101-11198 and 2013) Auditor non-compliance code: B ? Failure to make required residual receipts deposit Finding resolution status: Cleared Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Statistically valid sample: No Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $12,264 Statement of Condition 2022-001 (Assistance Listing No. 14.155): The Corporation did not make the required surplus cash deposit computed at March 31, 2021, in the amount of $12,264 within 90 days of fiscal year end. Criteria: Pursuant to paragraph 5 of the Regulatory Agreement, the residual receipts deposit due to the reserve for replacements must be deposited within 90 days of fiscal year end. Effect or potential effect: The Corporation was not in compliance with the Regulatory Agreement. Cause: The Corporation did not make the required deposit within 90 days of fiscal year end. Recommendation: Management should implement a system to ensure the required deposit to the residual receipts is made within 90 days of fiscal year end. Completion date: August 3, 2022 Management response: Agreed. Management concurs with the finding and the auditor's recommendation. The Corporation made the required surplus cash deposit on August 3, 2022.

Finding reference number: 2022-001 Assistance Listing title and number (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Project identification number 101-11198 and 2013) Auditor non-compliance code: B ? Failure to make required residual receipts deposit Finding resolution status: Cleared Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Statistically valid sample: No Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $12,264 Statement of Condition 2022-001 (Assistance Listing No. 14.155): The Corporation did not make the required surplus cash deposit computed at March 31, 2021, in the amount of $12,264 within 90 days of fiscal year end. Criteria: Pursuant to paragraph 5 of the Regulatory Agreement, the residual receipts deposit due to the reserve for replacements must be deposited within 90 days of fiscal year end. Effect or potential effect: The Corporation was not in compliance with the Regulatory Agreement. Cause: The Corporation did not make the required deposit within 90 days of fiscal year end. Recommendation: Management should implement a system to ensure the required deposit to the residual receipts is made within 90 days of fiscal year end. Completion date: August 3, 2022 Management response: Agreed. Management concurs with the finding and the auditor's recommendation. The Corporation made the required surplus cash deposit on August 3, 2022.