FAC Explorer

Finding 1165245 (2025-002)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2025
Accepted
2025-12-17
Audit: 375695
Organization: Northwestern Retirement Housing, Inc. (CA)
Auditor: MADDOX & ASSOCIATES APC

AI Summary

  • Answer: Surplus cash was not deposited in the Residual Receipts account on time.
  • Trend: This delay could indicate a pattern of poor cash management practices.
  • List: Ensure timely deposits, review cash handling procedures, and implement regular monitoring.

Finding Text

Surplus cash was not deposited into the Residual Receipts account within 90 days.

Corrective Action Plan

Management agrees with the finding. The residual receipts account deficiency was funded on November 15, 2024 in the amount of $4,556. Management will ensure that the residual receipts account is properly funded in the future.

Categories

Cash Management HUD Housing Programs

Other Findings in this Audit

  • 1165244 2025-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $2.97M
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $333,138