FAC Explorer

Finding 1061135 (2023-001)

-
Requirement
N
Questioned Costs
$1
Year
2023
Accepted
2024-08-20
Audit: 317582
Organization: Golden Acres Retirement Center, Inc. 112-Ee009 (TX)
Auditor: M Group LLP

AI Summary

  • Core Issue: The Company failed to deposit surplus cash into the residual receipts account within the required 60 days after year-end.
  • Impacted Requirements: This action violates the HUD regulatory agreement, which mandates timely deposits of surplus cash.
  • Recommended Follow-Up: Ensure future compliance by depositing surplus cash into the residual receipts account within the specified 60-day timeframe.

Finding Text

Finding #2023-001: Section 202 Capital Advance, Assistance Listing 14.157 Type of Finding: Other Matter Condition: The Company did not deposit surplus cash into the residual receipts account within 60 days of year end. Criteria: The HUD regulatory agreement requires the Company to deposit surplus cash into the residual receipts account within 60 days of year end. Effect: The Company is in violation of its Regulatory Agreement. Questioned Cost: $27,624 Cause: Oversight Repeat Finding: No Recommendation: The Company should deposit any surplus cash into the residual receipts account within 60 days of year end. Auditor’s Comment: During March 2024, the Company deposited $27,624 into the residual receipts account. Finding 2023-001 Cleared.

Categories

Questioned Costs HUD Housing Programs Cash Management

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $130,230