Audit 303228

Assistance Listing title and number (federal award identification and year): Section 207 pursuant to Section 223(f) of the National Housing Act, Assistance Listing No. 14.134 (Project identification number 054-11075, year 2023) Auditor non-compliance code: B - Failure to make required residual receipt deposit. Finding resolution status: Resolved. Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Statistically valid sample: Not applicable. Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $19,539 Statement of condition #2023-001 (Assistance Listing No. 14.134): The Corporation's required deposit into the residual receipts account per the December 31, 2022 Computation of Surplus Cash, Distributions and Residual Receipts of $19,539 was not deposited within 90 days of the fiscal year end. Criteria: Pursuant to the HUD Regulatory Agreement, surplus cash is required to be deposited into a separate residual receipts fund within 90 days after the fiscal year end. Effect: The Corporation is not in compliance with the terms of the HUD Regulatory Agreement. Cause: Management oversight. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Completion date: November 30, 2023 Management Response: Agree. Management deposited $19,539 into the residual receipts fund on November 30, 2023. No further action is required.

Assistance Listing title and number (federal award identification and year): Section 207 pursuant to Section 223(f) of the National Housing Act, Assistance Listing No. 14.134 (Project identification number 054-11075, year 2023) Auditor non-compliance code: B - Failure to make required residual receipt deposit. Finding resolution status: Resolved. Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Statistically valid sample: Not applicable. Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $19,539 Statement of condition #2023-001 (Assistance Listing No. 14.134): The Corporation's required deposit into the residual receipts account per the December 31, 2022 Computation of Surplus Cash, Distributions and Residual Receipts of $19,539 was not deposited within 90 days of the fiscal year end. Criteria: Pursuant to the HUD Regulatory Agreement, surplus cash is required to be deposited into a separate residual receipts fund within 90 days after the fiscal year end. Effect: The Corporation is not in compliance with the terms of the HUD Regulatory Agreement. Cause: Management oversight. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year end. Completion date: November 30, 2023 Management Response: Agree. Management deposited $19,539 into the residual receipts fund on November 30, 2023. No further action is required.