Finding Text
2025-002: Special Test & Provisions - Residual Receipts Deposit Federal Agency: Department of Housing and Urban Development Program Name: Supportive Housing for Persons with Disabilities (Section 811) ALN No.: 14.181 Compliance Requirements: Special Tests and Provisions Condition: The Project did not make the required residual deposit within 60 days following the fiscal year ending September 30, 2024. Criteria: Residual Receipts are to be deposited with 60 days following the fiscal year-end. Context: The discrepancy was noted upon review and testing of residual receipts. Cause: Procedures were overlooked as a result of staffing issues Effect: Noncompliance with HUD guidelines. Questioned Costs: $0 Recommendation: Management should ensure that financial closing process is completed timely to facilitate the computation of any excess cash for deposit to the residual receipt account. Views of Responsible Officials: Surplus cash was deposited late; procedure was overlooked as a result of staffing issues.