Finding Text
Federal program - Section 811: Criteria - HUD regulations specify the amount required to be deposited on a monthly basis to the replacement reserve account.; Condition - two month’s deposits were not made timely; an additional deposit was made in error totaling $1,200 resulting in an excess deposit totaling $683; Cause - management oversight; Recommendation - management should make every effort to deposit the monthly required amount and reduce the next year deposits by the excess amount deposited. Response: Management will reduce next year deposits by the excess amount.