Finding Text
Program: U.S. Department of Housing and Urban Development Supportive Housing for Persons with Disabilities (Section 811) ? Criteria or specific requirement: In accordance with the HUD regulatory agreement, the Organization shall establish a residual receipts account and make deposits into the account within 90 days after the close of the fiscal year based on the surplus cash calculation. Condition: The Organization has surplus cash in its June 30, 2021, financial statements of $6,476 which was required to be deposited September 30, 2021, and was not deposited. Cause: There was an oversight by the Finance Department when reviewing the financial statements and the transfer was not made. Recommendation: We recommend that a process be put in place to ensure the calculation and any necessary deposits are made timely. Views of responsible officials (and planning corrective actions): Management agrees with the recommendations provided. See Corrective Action Plan.