Finding Text
S3800-010 Finding Reference Number 2024-001
S3800-011 Title and Federal Assistance Listing
Number of Federal Program
14.157 – Supportive Housing for the Elderly
S3800-015 Type of Finding Federal Award Finding
S3800-016 Finding Resolution Status
S3800-017 Information on Universal Population
Size
N/A
S3800-018 Sample Size Information N/A
S3800-019 Identification of Repeat Finding and
Finding Reference Number
N/A
S3800-020 Criteria
Pursuant to the requirements of the regulatory
agreement, the Corporation is required to comply
with all HUD regulations and other requirements.
The regulatory agreement establishes the
requirement to deposit surplus cash to the residual
receipts fund.
S3800-030 Statement of Condition During the year ended December 31, 2024 residual
receipts deposits totaling $37,303 were not made as
required by the regulatory agreement.
S3800-032 Cause Management did not make the required residual
receipts deposit as calculated in the December 31,
2023 audited financial statements.
S3800-033 Effect or Potential Effect The Corporation is not in compliance with the terms
of the regulatory agreement.
S3800-035 Auditor Non-Compliance Code B
S3800-040 Questioned Costs $37,303
S3800-045 Reporting Views of Responsible
Officials
The finding was due to excess tax escrow funds
being transferred to the operating
account.
S3800-050 Context Residual receipts are required to be deposited within
90 days following yearend. The Corporation did not
have sufficient funds during the year ended
December 31, 2024.
S3800-080 Recommendation Management should comply with all HUD
regulations and other requirements.
S3800-090 Auditor’s Summary of the Auditee’s
Comments on the Findings and
Recommendations
Management will comply with all HUD regulations
and other requirements.
S3800-130 Response Indicator Agree
S3800-140 Completion Date 12/31/2025
S3800-150 Response Agree