Finding Text
Finding No. 2022-004 ? Timely Deposit of Surplus Cash Federal Assistance Listing Number Name of Federal Program or Cluster 14.157 Supportive Housing for the Elderly Information on the Universe Population Size One (1) surplus cash deposit. Sample Size Information One (1) surplus cash deposit. Identification of Repeat Finding Reference Number 2017-001 et. seq. Criteria The regulatory agreement requires surplus cash payments to be deposited in the residual receipts reserve within 90 days of the fiscal year end. Statement of Condition The 2017 required surplus cash deposit was not made. Cause The cause of why the deposit was not made is due to management oversight due to change in management personnel positions. Effect or Potential Effect The requirement to deposit surplus cash within 90 days of the fiscal year end was not met. Auditor Non-Compliance Code B ? Failure to make required residual receipts deposits Questioned Costs There were no known questioned costs. Perspective The finding represents an instance of management oversight due to change in management personnel positions. Repeat Finding Yes Recommendations We recommend that management ensures the surplus cash deposit is done timely in the future. Views of Responsible Officials Actions Taken or Planned Auditee agrees with this finding. Our policy has been to make surplus cash deposits after the final audit has been issued. Going forward our focus will be to work with the auditor and owner to get the audits finalized earlier so adequate time is left for the deposits to be made. In instances where the final is not going to be issued and allow enough time, the deposit will be made based on the reviewed draft.