Finding 1222222 (2025-001)

The Authority will adopt a formal written policy requiring at least quarterly review of each open Capital Fund grant, tracking obligation deadlines and percentage obligated by Budget Line Item. Quarterly reports will be presented to the Board of Commissioners. Management will implement written contracting procedures requiring a fully executed contract or purchase order on file before any Capital Fund draw is initiated in eLOCCS. Contracts will be executed no later than 60 days before the obligation end date. Management will conduct an immediate review of all open Capital Fund grants to confirm compliance with obligation and expenditure deadlines and identify any remaining penalty exposure. Results will be reported to the Board. The Authority will adopt a written cash management policy requiring staff to document anticipated disbursements, expected disbursement dates, and a review of current cash balances before each Federal drawdown. Draws will be limited to amounts needed within three business days in accordance with 2 CFR § 200.305(b)(3), regardless of the source of drawdown instructions. I, as the Executive Director will complete documented training on Federal cash management requirements under 2 CFR §§ 200.302 and 200.305. To ensure that the Authority is prepared for the future, the Housing Administrator will also complete documented training on Federal cash management to prepare for current Executive Director’s retirement come May 2027.