Answer: Residual receipts were not deposited into the required account within 60 days after the fiscal year ended.
Trend: This indicates a potential pattern of non-compliance with HUD regulations regarding financial management.
List: Follow up by ensuring timely deposits in the future and reviewing compliance processes to prevent recurrence.
Finding Text
DESCRIPTION OF FINDING: THE HUD REGULATORY AGREEMENT REQUIRES RESIDUAL RECEIPTS TO BE DEPOSITED INTO A SEPARATE INTEREST BEARING ACCOUNT WITHIN 60 DAYS AFTER THE END OF THE ANNUAL FISCAL YEAR. THIS DEPOSIT WAS NOT MADE WITHIN THE REQUIRED 60 DAYS.