Answer: The Corporation has an outstanding amount of $18,561 due to overpayment of management fees and other advances.
Trend: This issue indicates a recurring problem with unapproved financial transactions, as the Due to Owner was not sanctioned by HUD.
List: Follow up by ensuring proper approval processes are in place to prevent future findings and address the outstanding amount.
Finding Text
In the prior years, the Corporation owes the project $18,561 for overpayment of management fee-$9,626 and other advances-$8,935. Per audit compliance procedures, the Due to Owner was not approved by HUD and is considered a finding.