FAC Explorer

Finding 1168669 (2025-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2025
Accepted
2026-01-09
Audit: 380644
Organization: Belmont Housing Associates, Inc. (CO)
Auditor: COMER NOWLING AND ASSOCIATES PC

AI Summary

  • Answer: Surplus cash was not deposited on time.
  • Trend: This could lead to issues with cash management and compliance.
  • List: Ensure deposits are made within 90 days to avoid future problems.

Finding Text

Surplus cash was not deposited into a residual receipts account within 90 days of year-end.

Corrective Action Plan

Management should ensure surplus cash is calculated in a timely matter in order to make any required deposit to the residual receipts account

Categories

Cash Management HUD Housing Programs

Other Findings in this Audit

  • 1168668 2025-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.134 MORTGAGE INSURANCE_RENTAL HOUSING $1.81M
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $494,793