Finding 20400 (2022-001)

-
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-06-11

AI Summary

  • Core Issue: The security deposit liability account was underfunded by $133 as of December 31, 2022.
  • Impacted Requirements: The Project must maintain a security deposit cash balance that exceeds the liability balance.
  • Recommended Follow-up: Management should conduct monthly reviews of the security deposit cash balance against the liability to ensure proper funding.

Finding Text

MINNEHAHA COUNTY SUPPORTIVE HOUSING, INC. HUD PROJECT NO. 091-EE005 SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED) YEAR ENDED DECEMBER 31, 2022 C. Findings and Questioned Costs - Major Federal Award Programs Audit Questioned Costs DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2022-001: SECTION 202, ASSISTANCE LISTING NUMBER 14.157 Condition: The Project's security deposit liability account was underfunded at December 31, 2022. Criteria: The Project should have a security deposit cash balance in excess of the security deposit liability balance. Effect: The security deposit account was underfunded by $133. Context: The security deposit account was tested at December 31, 2022. No sample was tested. Questioned costs NONE Cause: Management failed to recognize that the security deposit liability account was underfunded at December 31, 2022. Recommendation: The Project should carefully review the statement of financial position to make sure the security deposit liability account is funded. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will be reminded to review the tenant security deposit cash balance versus the security deposit liability balance on a monthly basis. Questioned Costs - Department of Housing and Urban Development $- Non-compliance code - M

Corrective Action Plan

MINNEHAHA COUNTY SUPPORTIVE HOUSING, INC. HUD PROJECT NO. 091-EE005 CORRECTIVE ACTION PLAN YEAR ENDED DECEMBER 31, 2022 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Minnehaha County Supportive Housing, Inc. respectfully submits the following corrective action plan for the year ended December 31, 2022. Name and address of independent public accounting firm: Hinrichs & Associates, Ltd. 1000 Shelard Parkway, Suite 110 Minneapolis, MN 55426 Audit Period: December 31, 2022 The findings from the December 31, 2022 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. Section A of the schedule, Summary of Audit Results, does not include findings and is not addressed. FINDINGS - FINANCIAL STATEMENT AUDIT NONE FINDINGS - FEDERAL AWARD PROGRAMS AUDIT DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2022-001: SECTION 202, ASSISTANCE LISTING NUMBER 14.157 The Project's security deposit liability account was underfunded at December 31, 2022. Recommendation: The Project should carefully review the statement of financial position to make sure the security deposit liability account is funded. Action Taken: The Project agrees with the finding. Management will be reminded to review the tenant security deposit cash balance versus the security deposit liability balance on a monthly basis. This finding was corrected in February 2023. If the Department of Housing and Urban Development has questions regarding this plan, please call Chuck Reuter at 651-645-7271.

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Section 202 Capital Advance $3.33M
14.157 Prac Assistance $137,781