The findings from the June 30, 2025 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. A. Current Findings on the Schedule of Findings and Recommendations 1. Finding 2025-001 - Residual receipts deposits no...
The findings from the June 30, 2025 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. A. Current Findings on the Schedule of Findings and Recommendations 1. Finding 2025-001 - Residual receipts deposits not made timely - Significant Deficiency Federal Program Name: Project-Based Rental Assistance - Section 8 Project Based Cluster Assistance Listing Number: 14.195 Federal Award Identfication Number and Year: MA06T831033-25Z, MA06T791016-25Z. Program year - 2025. a. Issue: During the year ended June 30, 2025, management did not make the required residual receipts reserve deposit in the amount of $34,811, within 90 days of June 30, 2024 as required by HUD. The residual receipts amount was deposited in October 2025. b. Recommendation: Management should establish internal controls and procedures to ensure that required residual receipts reserve deposits are made timely. c. Action taken: Management agrees with the finding and has implemented controls to ensure the residual receipts deposits are timely made within 90 days of year end. B. Status of Corrective Actions on Findings Reported in the Schedule of the Status of Prior Audit Findings, Questioned Costs and Recommendations No prior year audit findings identified.