FAC Explorer

Finding 1096025 (2024-001)

-
Requirement
N
Questioned Costs
$1
Year
2024
Accepted
2025-01-17
Audit: 338684
Organization: Creative Living Housing Corporation (OH)
Auditor: Tidwell Group

AI Summary

  • Answer: The Corporation failed to deposit surplus cash into the residual receipts account on time.
  • Trend: This indicates a potential pattern of non-compliance with HUD requirements.
  • List: Follow up by reviewing the deposit process and ensuring timely compliance in the future.

Finding Text

The HUD Regulatory Agreement requires residual receipt deposits to be made within 60 days after year-end. The Corporation's surplus cash for the year ended September 30, 2023 was not deposited into the residual receipts account within 60 days after year-end.

Categories

Questioned Costs HUD Housing Programs Cash Management

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $577,197
14.195 Section 8 Housing Assistance Payments Program $271,330