Finding 1093638 (2024-001)

Reference Number: 2024-001 Federal Program: 14.850 – Low Rent Public Housing Type of Finding: Noncompliance Repeat Finding: Yes – 2023-001 Criteria Public Housing Authorities are required to enter into depository agreements with their financial institutions using the HUD-519999 or a form required by HUD in the ACC. The agreements serve as safeguards for Federal funds a provide third-party rights to HUD. Condition The Authority could not provide depositor agreements with financial institutions holding Federal funds for the Authority. Questioned Costs None. Cause The Authority does not have depositor agreements with financial institutions holding Federal funds for the Authority. Effect The Authority should enter into depository agreements with all financial institutions holding Federal funds for the Authority. Recommendation The Authority should enter into depository agreements with all financial institutions holding Federal funds for the Authority. Management’s Response and Corrective Action Plan See schedule of corrective action plan.