Finding Text
Finding 2022-001: Mortgage Insurance ? Multifamily Housing Projects [Section 207/223(f)] ? AL No. 14.155 a. Statement of Condition: The required deposit of surplus cash of $4,454 as of September 30, 2021 to the residual receipts reserve account was not made within the required 60 days following the balance sheet date. b. Criteria: Syracuse YMCA Apartments is required to determine surplus cash requirements annually. If surplus cash exists, the amount must be transferred from the operating account to the residual receipts account within 60 days of the project?s fiscal year-end. c. Effect of Condition: The project is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. d. Repeat Finding from Prior Year: Yes e. Cause of Condition: The surplus cash transfer was done late due to staff transition. f. Recommendation: Syracuse YMCA Apartments should deposit the required funds in the future into the residual receipts reserve account within the 60-day requirement. g. Views of Responsible Officials and Planned Corrective Actions: Syracuse YMCA Apartments agrees with the finding and the auditor?s recommendations have been adopted.