FAC Explorer

Finding 1224922 (2023-002)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2026-07-29
Audit: 408175
Organization: Salem Housing Development Corporation (NE)
Auditor: DAUBY O'CONNOR & ZALESKI LLC

AI Summary

  • Answer: The Corporation failed to deposit $61,668 into the residual receipts fund.
  • Trend: This indicates a potential pattern of non-compliance with financial obligations.
  • List: Follow up by reviewing past deposits, assessing compliance processes, and ensuring future deposits are made on time.

Finding Text

The Corporation did not make the required deposit to the residual receipts fund in the amount of $61,668.

Corrective Action Plan

Management agrees with the recommendation and will fund the residual receipts account during 2026.

Categories

Cash Management HUD Housing Programs

Other Findings in this Audit

  • 1224921 2023-001
    Material Weakness Repeat
  • 1224923 2023-003
    Material Weakness Repeat
  • 1224924 2023-004
    Material Weakness Repeat
  • 1224925 2023-005
    Material Weakness Repeat
  • 1224926 2023-006
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $1.67M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $399,566