Finding Text
Condition: the prior year surplus cash totaling $12,142 was not deposited to the residual receipts; Criteria: the HUD handbook requires surplus cash to be deposited to the residual receipts account; Effect: the residual receipts account is understated by $12,142; Cause: Management oversight. Recommendation: Management should deposit the current year surplus cash totaling $47,364 which includes the prior year surplus cash totaling $12,142. Management comment: Management will transfer the funds.