FAC Explorer

Finding 1164963 (2025-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2025
Accepted
2025-12-16
Audit: 374934
Organization: St. Simeon II Housing Development Fund Company, Inc. (NY)
Auditor: COMER NOWLING AND ASSOCIATES PC

AI Summary

  • Issue: The Organization did not deposit funds into the residual receipts account within the required 90-day period after the fiscal year ended.
  • Trend: This delay in deposits could indicate a pattern of non-compliance with financial regulations.
  • Follow-up: Review the deposit process and implement measures to ensure timely compliance in the future.

Finding Text

The Organization failed to make the required deposit within 90 days subsequent to the end of the fiscal year into the residual receipts account during the year.

Corrective Action Plan

Management will implement measures to ensure the Organization will deopsit "Surplus Cash" as defined by HUD, existing at the end of the fiscal year in a residual receipts account in the name of the Organization within 90 days subsequent to the end of the fiscal year.

Categories

Cash Management HUD Housing Programs

Programs in Audit

ALN Program Name Expenditures
14.134 MORTGAGE INSURANCE_RENTAL HOUSING $2.51M
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $772,961