U.S. Department of Housing and Urban Development The Housing Commission of Talbot respectfully submits the following corrective action plan for the year ended December 31, 2024 . . Audit period: January 1, 2024 through December 31, 2024 . Th~ finding from the prior audit's schedule of findings and questioned costs is discussed below. The finding is numbered consistently with the number assigned in the prior year. FINDINGS-FINANCIAL STATEMENT AUDIT None FINDINGS-FEDERAL AWARDS 2023-001 Missing Depository Agreements (Significant Deficiency) Condition: The Housing Commission of Talbot (the "Commission") did not set up depository agreements with its financial institutions. Status: This fin.ding is uncleared. A similar finding was noted in fiscal year 2024. The Commission has had prior communications with the Bank regarding the depository agreements requirements. The Bank would not sign due to internal policies. The Commission will coordinate discussions between our HUD local field office and the Bank to discuss the requirements for obtaining a depository agreement. U.S. Department of Housing and Urban Development · The Housing ,Commission -of Talbot- respectfully submits the following corrective action plan for the year ended December 31, 2024. Audit period: January 1, 2024 through December 31, 2024 · :. ·· The findirigs:from the schedule of findings and questioned costs is discussed below. The findings are numbered consistently with the numbers assigned in the schedule. -FINDINGS--FEDERAL AWARD PROGRAMS AUDITS U.S. Department of Housing and Urban Development 2024-001 Missing Depository Agreements (Non Compliance) Recommendation: The Commission should enter into depository agreements with all financial institutions holding Federal funds for the Commission. Explanation of disagreement with audit.finding: There is no disagreement with the audit finding. Action ~aken in response to finding: The Commission has had prior communications with the Bank regarding the depository agreement requirements. The Bank would not sign due to internal policies. The Commission will continue to coordinate discussions between our HUD local field office and the Bank to discuss the requirements for obtaining a depository agreement. Name(s) of the contact person(s) responsible for corrective action: Don Bibb, Executive Director Planned completion date for corrective action plan: December 31, 2025 If the U.S. Department of Housing and Urban Development has questions regarding this plan, please call Don Bibb, Executive Director