FAC Explorer

Finding 1240860 (2026-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2026
Accepted
2026-10-22
Audit: 415179
Organization: St. Simeon II Housing Development Fund Company, Inc. (NY)
Auditor: COMER NOWLING AND ASSOCIATES PC

AI Summary

  • Issue: The Organization did not deposit the required funds into the residual receipts account for the year ending July 31, 2026.
  • Trend: This oversight could indicate a pattern of non-compliance with financial management practices.
  • Follow-up: Review the deposit process and implement checks to ensure timely contributions to the residual receipts account moving forward.

Finding Text

The Organization failed to make the required deposit to the residual receipts account during the year ended July 31, 2026.

Corrective Action Plan

Management will implement measures to ensure the Organization will deposit “Surplus Cash” as defined by HUD, existing at the end of the fiscal year in a residual receipts account in the name of the Organization within 90 days subsequent to the end of the fiscal year.

Categories

Cash Management HUD Housing Programs

Programs in Audit

ALN Program Name Expenditures
14.134 MORTGAGE INSURANCE_RENTAL HOUSING $2.45M
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $828,454