FAC Explorer

Finding 20394 (2022-003)

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Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-09-06
Audit: 19208
Organization: Housing and Redevelopment Authority of the City of Worthington (MN)
Auditor: Abdo LLP

AI Summary

  • Core Issue: The HRA lacks depository agreements with banks, violating federal regulations.
  • Impacted Requirements: Non-compliance with Code of Federal Regulations § 982.156, which mandates these agreements.
  • Recommended Follow-Up: HRA management should finalize the necessary forms with the bank to achieve compliance.

Finding Text

Condition: During the audit we noted the HRA did not have depository agreements with the banks. Criteria: Code of Federal Regulations ? 982.156 requires depository agreements to be deposited with a financial institution selected as depositary by the PHA in accordance with HUD requirements. Cause: The HRA did not have all necessary forms for single audit compliance. Effect: The HRA is not in compliance with Federal Award Programs. Recommendation: We recommend the HRA management complete the necessary forms with the bank to ensure compliance. Management Response: The HRA?s management will complete the depository agreement forms with the bank.

Corrective Action Plan

Explanation of Disagreement with Audit Finding: There is no disagreement with the audit finding. Actions Planned in Response to Finding: The HRA will complete the depository agreements. Official Responsible for Ensuring CAP: Randy Thompson, Executive Director, is the official responsible for ensuring corrective action. Planned Completion Date for CAP: The planned completion date is December 31, 2023. Plan to Monitor Completion of CAP: The Board will be monitoring this corrective action plan and believes the Executive Director will remedy this finding. Randy Thompson Executive Director

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.871 Section 8 Housing Choice Vouchers $1.07M
14.850 Public and Indian Housing $226,431
14.872 Public Housing Capital Fund $127,537
14.871 Section 8 Emergency Housing Choice Vouchers $41,901