Finding Text
Criteria
Residual receipts reserve deposits should be made within 90 days of year end.
Condition
During the year ended June 30, 2024, management did not make the required residual
receipts deposit in the amount of $2,566 within 90 days of year end, as required by HUD.
Cause
Controls are not in place to ensure that required residual receipts reserve deposits are made
timely.
Effect or Potential Effect
The Organization is not in compliance with the requirements of the regulatory agreement.
Questioned Costs
$2,566
Identification as a Repeat Finding
This finding is not a repeat finding. Recommendation
Management should establish internal controls and procedures to ensure that required
residual receipts reserve deposits are made timely.
Auditor Noncompliance Code: B. Failure to make required residual receipts deposits.
Finding Resolution Status: Resolved.
View of Responsible Officials
Management agrees with the finding and has transferred the residual receipts.