Finding Text
FINDING 2024-001: SECTION 202, ASSISTANCE LISTING NUMBER 14.157 Condition: The Project overpaid management fees by $809. Criteria: Management fees should be calculated according to HUD guidelines. Effect: The Project's management fee is higher than it should be. Context: The management fee calculation was tested at March 31, 2024. No sample was tested. Questioned Costs $809, Cause: There was a mathematical error in the management fee calculation. Recommendation: The management company should reimburse the Project for the $809 overpayment. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. The accounting staff will be reminded to be careful when calculating management fees. Total-Department of Housing and Urban Development - $809, Non-compliance code - J