Finding reference number: 2025-001 Assistance Listing (Federal award identification number and year): Section 8 Project-Based Cluster - PBRA, Assistance Listing No. 14.195 (Project identification number CA16T871004 and 1991) Auditor non-compliance code: B – Failure to make required residual receipt deposit Finding resolution status: Resolved Universe population size: N/A Sample size information: N/A Statistically valid sample: No Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $642,483 Statement of condition 2025-001: The Corporation did not make the required residual receipts deposit computed at September 30, 2024 in the amount of $642,483 within 90 days of fiscal year end. Criteria: Pursuant to section 2.6(b)(1) of the HAP contract, the residual receipts deposit due to the residual receipts must be deposited within 90 days of fiscal year end. Effect: The Corporation is not in compliance with the HAP Contract. 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 residual receipts deposit is made within 90 days of fiscal year end. Management's response: Agree. Management made the required residual receipts deposit on June 9, 2025.