Answer: Tenant security deposit cash is underfunded by $491.
Trend: This issue arises from management oversight, leading to non-compliance with HUD requirements.
List: Management should transfer funds from the operating cash account to cover the shortfall.
Finding Text
Condition: Tenant security deposit cash is underfunded by $491; Criteria: the HUD occupancy handbook requires security deposits to be fully funded; Effect: Cash is short by $491; Cause: Management oversight. Recommendation: Management should transfer sufficient funds from the operating cash account to fund the shortfall. Management comment: Management will transfer sufficient funds.
Categories
HUD Housing ProgramsInternal Control / Segregation of Duties