FAC Explorer

Finding 1169232 (2025-001)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2025
Accepted
2026-01-15
Audit: 382157
Organization: Coon Rapids Voa Elderly Hsg, Inc. (oxbowl Bend Apts.) (LA)
Auditor: MADDOX & ASSOCIATES APC

AI Summary

  • Answer: Surplus cash was not deposited into the Residual Receipts Account on time.
  • Trend: This delay indicates a recurring issue with cash management practices.
  • List: Ensure timely deposits moving forward and review cash handling procedures to prevent future delays.

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 MARCH 24, 2025 IN THE AMOUNT OF $135,149. MANAGEMENT WILL ENSURE THAT THE RESIDUAL RECEIPTS ACCOUNT IS PROPERLY FUNDED IN THE FUTURE.

Categories

Cash Management HUD Housing Programs

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE_RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE $6.04M
14.314 ASSISTED LIVING CONVERSION FOR ELIGIBLE MULTIFAMILY HOUSING PROJECTS $2.79M
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $629,642