Finding Text
Finding 2024-004: Uninsured Banking Account Balance: Condition: At November 14, 2024, the Project had deposits which exceeded the Federal Deposit Insurance Corporation’s (FDIC) coverage. Criteria: Certain provisions of the HUD agreement. Effect: Potential noncompliance with HUD agreement provisions. Cause: Certain financial institution’s banking accounts exceeded the Federal Deposit Insurance Corporation’s (FDIC) coverage. Recommendation: The Project needs to monitor its banking account balances to ensure compliance. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the finding and recommendation. Questioned costs: $27,000