Finding Text
Audit Finding 2023-003 – Depository Agreements
Criteria:
Code of Federal Regulations 24 CFR § 982.156 requires depository agreements to be deposited with a financial institution selected as depositary by the PHA in accordance with HUD requirements.
Condition:
During the audit we noted the Authority did not have depository agreements with the banks.
Cause:
The Authority did not have all necessary forms for single audit compliance.
Effect:
The Authority is not in compliance with Federal Award Programs.
Recommendation:
We would recommend the Authority completes the necessary forms with the bank to ensure compliance.
Views of Responsible Official:
Management agrees with the finding.