Finding Text
FINDINGS AND QUESTIONED COSTS - MAJOR FEDERAL AWARD PROGRAMS AUDIT Finding 2022-001- Residual Receipt Deposits Condition Found The $4,866 of surplus cash at June 30, 2022 was not deposited into the residual receipts account within ninety days. Criteria: According to HUD?s guidelines, a Project must deposit surplus cash due to residual receipts within ninety days after the fiscal period ends (REAC submission due date) Cause Project management did not transfer the surplus cash of $5,366 from the operating account to the residual receipts Effect: The Project held excess cash and did not make the required residual receipts deposits. Recommendation: Management?s response