Answer: The Cooperative did not deposit funds into the residual receipts account within the required 90-day period after the fiscal year ended April 30, 2022.
Trend: This delay in deposits could indicate a pattern of non-compliance with financial regulations.
List: Follow up by ensuring timely deposits in the future and reviewing compliance procedures to prevent recurrence.
Finding Text
The Cooperative failed to make the required deposit within 90 days subsequent to the end of the fiscal year ended April 30, 2022 into the residual receipts account.
Corrective Action Plan
Management is appealing to HUD regarding the required deposit. Funds are not currently available to make the prior year required deposit.