The amount reported for Assistance Listing Number 14.157 in expenditures relate to U.S. Department of Housing and Urban Development - Supportive Housing for the Elderly - Section 202 Capital Advance Program. The ending balance of the capital advance is $2,366,300 at December 31, 2025.
Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157 -Supportive Housing for the Elderly, non-profit owners and owners of limited distribution projects shall establish a residual receipts account and make required deposits into the account within 90 days after the close of the fiscal year. Condition - The surplus cash from 2024 in the amount of $2,053 was not deposited into the residual receipts account. Effect - The Corporation was not in compliance with the above HUD regulations. Cause - As a result of oversight, management did not make the required deposit. Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample. Recommendation - We recommend that the delinquent deposit totaling $2,053 at December 31, 2025 be deposited into the residual receipts account as soon as possible. Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation. Please see below for action taken. (b) Action taken: Management deposited the delinquent amount of $2,053 to the residual receipts account on May 13, 2026.