FAC Explorer

Finding 1155490 (2024-001)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2024
Accepted
2025-09-26
Audit: 367783
Organization: Homes for the Exceptional Ii, INC (NY)
Auditor: Bdo USA PC

AI Summary

  • Issue: The Corporation had surplus cash of $4,596 that was not deposited as required.
  • Requirement: Surplus funds must be deposited in a federally insured account within 60 days after the fiscal year ends.
  • Follow-up: Ensure timely deposit of surplus cash to comply with regulations in the future.

Finding Text

During our review of the Schedule of Computation of Surplus Cash, we noted that the Corporation had surplus cash of $4,596. We noted that these funds would be required to be deposited within a federally insured residual receipts reserve account within 60 days following the end of the fiscal year. The Corporation did not deposit surplus funds within 60 days following the end of the fiscal year.

Corrective Action Plan

Owner certified financials will be submitted in HUD Secure Systems within approximately 45 days from year end. This will allow for sufficient time to submit residual receipts within 60 days of year-end. Our current practice of submitting residual receipts has been aligned with the due date of Owner Certified Financials, 90 days after year-end close. We have not been made aware by HUD that this was a compliance issue.

Categories

Cash Management HUD Housing Programs

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $1.24M
14.195 Project-Based Rental Assistance (pbra) $172,527