Finding Text
2022-005: Depository Agreements
Section 8 Housing Choice Vouchers Assistance Listing Number 14.871
Criteria or specific requirement (including statutory, regulatory, or other citation): The Village is required to enter into deposit agreements with their financial institution in the form required by the U.S. Department of Housing and Urban Development.
Condition and Cause: The Village was unable to provide documentation of their depository agreement that was applicable to the year ended May 31, 2022.
Effect or Potential Effect: Without proper documentation, the Village is unable to support the compliance requirements associated with the federal expenditure have been adhered to.
Questioned costs: None.
Identification as a repeat finding, if applicable: Not applicable.
Recommendation: Management should develop procedures to ensure the required compliance requirement is adhered to.
Views of Responsible Officials: As noted in the Corrective Action Plan, management has agreed to the findings and recommendation above.