FAC Explorer

Finding 1211189 (2025-001)

Material Weakness Repeat Finding
Requirement
M
Questioned Costs
-
Year
2025
Accepted
2026-05-01
Audit: 400403
Organization: Faneuil Hiv Housing Corporation 023-Hd-011 (MA)
Auditor: COHNREZNICK LLP

AI Summary

  • Answer: HUD approval is needed for withdrawals from the residual receipts reserve.
  • Trend: A lack of controls allowed $5,016 to be improperly deposited into the operating cash account.
  • List: Implement controls to ensure funds are deposited into the correct restricted cash account.

Finding Text

Any withdrawal from the residual receipts reserve requires HUD approval. The cash ($5,016) was in a certificate of deposit ("CD") and after the CD matured, the money was released into the operating cash account. There was no control in place to prevent the cash from being deposited into the operational cash account instead of a restricted cash account.

Corrective Action Plan

The necessary internal controls have been implemented and will follow appropriate procedures to ensure that there are no unauthorized withdrawals from the residual receipts account.

Categories

HUD Housing Programs Cash Management

Programs in Audit

ALN Program Name Expenditures
14.181 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES $2.20M