Finding 1156320 (2025-002)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2025

Accepted

2025-09-29

Audit: 368609

Organization: Curry Lane Housing Corporation (IL)

Auditor: Gray Hunter Stenn LLP

AI Summary

Core Issue: The Organization did not deposit surplus cash into its account on time, missing the deadline by 140 days.
Impacted Requirements: HUD mandates that surplus cash must be deposited within 60 days after the fiscal year ends.
Recommended Follow-Up: Establish clear procedures to ensure timely deposits of surplus cash in the future.

Finding Text

Finding 2025-002 – Late Deposit of Surplus Cash Condition The Organization failed to make the 2024 surplus cash deposit into its residual receipts account in a timely manner. Criteria The Organization is required by HUD (HUD Handbook 4370.2) to deposit surplus cash within 60 days after the end of the fiscal year into a federally insured account. Cause The Organization has not established a procedure that ensures that the deposit is made on a timely basis. Effect The required deposit that was due 60 days after the end of the fiscal year was not made until 200 days after the fiscal year. Recommendation The Organization should develop procedures which will ensure the surplus cash deposit is made in a timely manner. Federal Agency Program: All federal programs are affected. Questioned costs: None

Corrective Action Plan

Corrective Action Plan The Finance Director will create a calendar task to ensure that future surplus cash deposits are made timely. Anticipated Completion Date September 30, 2025 Responsible Parties Dane Jansen, Financial Director 700 S. E. Cross Mt. Sterling, IL 62353 (217) 773-3325

Other Findings in this Audit

1156317 2025-001

Material Weakness Repeat
1156318 2025-002

Material Weakness Repeat
1156319 2025-001

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
14.181	Supportive Housing for Persons with Disabilities	$107,490