Finding Text
S2700-005 Finding Reference Number 2024-02
S2700-006 Finding Status Ongoing
S2700-007 Population Size N/A
S2700-008 Sample Size N/A
S2700-009 Noncompliance Information The tenant security deposit cash account was
underfunded as of year-end.
S2700-010 Statement of Condition The tenant security deposit cash account was
underfunded as of year-end.
S2700-020 Criteria The tenant security deposit cash account must
equal or exceed the tenant security deposit
liability.
S2700-030 Effect Project is required to fund the tenant security
deposit cash account.
S2700-040 Cause The Project did not have sufficient cash on hand
to fund the tenant security deposit cash account.
S2700-050 Recommendation The Project should implement procedures to
ensure funds collected for tenant security
deposits are promptly transferred to the
restricted cash account.
S2700-055 Auditor Non-Compliance Code M - Security Deposits
S2700-065 Amount of Questioned Costs $522
S2700-100 Summary of Auditee's
Comments
Management concurs with the finding and
recommendation.
S2700-070 Finding Response Concur
S2700-075 Recommendation Response Agree
S2700-080 Completion Date December 18, 2024
S2700-090 Actions Taken or Planned on
the Finding
Management agrees with the finding and has
made a deposit into the Project's tenant security
deposit account in the amount of $522.