Finding reference number: #2022-001 Assistance Listing title and number (federal award identification and year): Supportive Housing for Persons with Disabilities, Assistance Listing No. 14.181 (046-EE015 and 1995) Auditor non-compliance code: M ? Security Deposits Finding resolution status: Resolved Universe population size: 12 months Sample size information: 3 months Noncompliance information: 1 month Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $262 Statement of condition #2022-001: As of December 31, 2022, the resident security deposit cash account did not have adequate funds to cover the security deposits collected from residents. At December 31, 2022, the security deposit account was underfunded by $262. Criteria: Pursuant to the Regulatory Agreement, resident security deposits should be funded in a separate account in an amount not less than the amount of security deposits received from residents. Effect: The Corporation is not in compliance with the Regulatory Agreement. Failure to fund the resident security deposits could result in the inability of the Corporation to return security deposits to residents upon termination of a resident's lease. Cause: There was a December 2022 security deposit received from a resident and deposited into the operating account and the funds were not transferred to the security deposit account before December 31, 2022. Recommendation: Management should reconcile the security deposit listing on a monthly basis and should transfer the funds from the operating account into the resident security deposit account to ensure the account is fully funded. Completion date: January 25, 2023 Management response: Management concurs with the finding and recommendation. On January 25, 2023, management transferred funds from the operating account to adequately fund the resident security deposit account.
Finding reference number: #2022-001 Assistance Listing title and number (federal award identification and year): Supportive Housing for Persons with Disabilities, Assistance Listing No. 14.181 (046-EE015 and 1995) Auditor non-compliance code: M ? Security Deposits Finding resolution status: Resolved Universe population size: 12 months Sample size information: 3 months Noncompliance information: 1 month Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $262 Statement of condition #2022-001: As of December 31, 2022, the resident security deposit cash account did not have adequate funds to cover the security deposits collected from residents. At December 31, 2022, the security deposit account was underfunded by $262. Criteria: Pursuant to the Regulatory Agreement, resident security deposits should be funded in a separate account in an amount not less than the amount of security deposits received from residents. Effect: The Corporation is not in compliance with the Regulatory Agreement. Failure to fund the resident security deposits could result in the inability of the Corporation to return security deposits to residents upon termination of a resident's lease. Cause: There was a December 2022 security deposit received from a resident and deposited into the operating account and the funds were not transferred to the security deposit account before December 31, 2022. Recommendation: Management should reconcile the security deposit listing on a monthly basis and should transfer the funds from the operating account into the resident security deposit account to ensure the account is fully funded. Completion date: January 25, 2023 Management response: Management concurs with the finding and recommendation. On January 25, 2023, management transferred funds from the operating account to adequately fund the resident security deposit account.
Finding reference number: #2022-001 Assistance Listing title and number (federal award identification and year): Supportive Housing for Persons with Disabilities, Assistance Listing No. 14.181 (046-EE015 and 1995) Auditor non-compliance code: M ? Security Deposits Finding resolution status: Resolved Universe population size: 12 months Sample size information: 3 months Noncompliance information: 1 month Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $262 Statement of condition #2022-001: As of December 31, 2022, the resident security deposit cash account did not have adequate funds to cover the security deposits collected from residents. At December 31, 2022, the security deposit account was underfunded by $262. Criteria: Pursuant to the Regulatory Agreement, resident security deposits should be funded in a separate account in an amount not less than the amount of security deposits received from residents. Effect: The Corporation is not in compliance with the Regulatory Agreement. Failure to fund the resident security deposits could result in the inability of the Corporation to return security deposits to residents upon termination of a resident's lease. Cause: There was a December 2022 security deposit received from a resident and deposited into the operating account and the funds were not transferred to the security deposit account before December 31, 2022. Recommendation: Management should reconcile the security deposit listing on a monthly basis and should transfer the funds from the operating account into the resident security deposit account to ensure the account is fully funded. Completion date: January 25, 2023 Management response: Management concurs with the finding and recommendation. On January 25, 2023, management transferred funds from the operating account to adequately fund the resident security deposit account.
Finding reference number: #2022-001 Assistance Listing title and number (federal award identification and year): Supportive Housing for Persons with Disabilities, Assistance Listing No. 14.181 (046-EE015 and 1995) Auditor non-compliance code: M ? Security Deposits Finding resolution status: Resolved Universe population size: 12 months Sample size information: 3 months Noncompliance information: 1 month Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $262 Statement of condition #2022-001: As of December 31, 2022, the resident security deposit cash account did not have adequate funds to cover the security deposits collected from residents. At December 31, 2022, the security deposit account was underfunded by $262. Criteria: Pursuant to the Regulatory Agreement, resident security deposits should be funded in a separate account in an amount not less than the amount of security deposits received from residents. Effect: The Corporation is not in compliance with the Regulatory Agreement. Failure to fund the resident security deposits could result in the inability of the Corporation to return security deposits to residents upon termination of a resident's lease. Cause: There was a December 2022 security deposit received from a resident and deposited into the operating account and the funds were not transferred to the security deposit account before December 31, 2022. Recommendation: Management should reconcile the security deposit listing on a monthly basis and should transfer the funds from the operating account into the resident security deposit account to ensure the account is fully funded. Completion date: January 25, 2023 Management response: Management concurs with the finding and recommendation. On January 25, 2023, management transferred funds from the operating account to adequately fund the resident security deposit account.