FAC Explorer

Finding 1155337 (2024-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
$1
Year
2024
Accepted
2025-09-25
Audit: 367572
Organization: Belmont Housing Associates, Inc. (CO)
Auditor: Comer Nowling and Associates PC

AI Summary

  • Answer: Surplus cash was not deposited on time.
  • Trend: This could indicate a pattern of delayed financial management.
  • List: Ensure timely deposits to the residual receipts account moving forward.

Finding Text

Surplus cash was not deposited into a residual receipts account within 90 days of year-end.

Corrective Action Plan

Management should ensure surplus cash is calculated in a timely matter in order to make any required deposit to the residual receipts account.

Categories

Questioned Costs Cash Management HUD Housing Programs

Programs in Audit

ALN Program Name Expenditures
14.134 Mortgage Insurance_rental Housing $1.86M
14.195 Section 8 Housing Assistance Payments Program $468,139