FAC Explorer

Finding 2083 (2023-001)

-
Requirement
P
Questioned Costs
$1
Year
2023
Accepted
2023-11-17
Audit: 3631
Organization: St. Simeon II Housing Development Fund Company, Inc. (NY)
Auditor: Comer Nowling and Associates PC

AI Summary

  • Issue: The Organization did not deposit funds into the residual receipts account within the required 90-day period after the fiscal year ended.
  • Impact: This failure may lead to compliance issues and potential financial discrepancies.
  • Recommendation: Ensure timely deposits in the future and review procedures to avoid similar issues.

Finding Text

The Organization failed to make the required deposit within 90 days subsequent to the end of the fiscal year into the residual receipts account during the year.

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. The Organization deposited $30,051 into the residual receipts account on May 22, 2023.

Categories

Questioned Costs Cash Management HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.134 Mortgage Insurance_rental Housing $2.56M
14.195 Section 8 Housing Assistance Payments Program $655,939