Finding Text
Criteria or specific requirement: The amount of the segregated, interest-bearing account maintained by The Village at Oasis Park - Phase I, Inc. for security deposits must at all times equal the total amount collected from the families then in occupancy plus any accrued interest and less allowable administrative costs adjustments. Condition: The amount within the segregated, interest-bearing security deposits account was less than security deposits liability. Questioned costs: N/A Context: A separate, interest-bearing account is maintained but did not total an amount equal or greater than the security deposit liability due to cash flow restraint. Cause: A separate, interest-bearing account is maintained but did not total an amount equal or greater than the security deposit liability due to cash flow restraint. Effect: Not in compliance with security deposit requirement Repeat Finding: No Recommendation: The Organization should increase security deposit account to equal liability account. Views of responsible officials: There is no disagreement with the audit finding.