Finding 36238 (2022-001)

S3800-010 Finding Reference Number ? 2022-001 S3800-011 Title and CFDA Number of Federal Program - Section 223(f) Mortgage Note 14.155 S3800-015 Type of Finding ? Federal Award S3800-016 Finding Resolution Status ? Resolved S3800-017 Information on Universe Population Size- N/A S3800-018 Sample Size Information - N/A S3800-019 Identification of Repeat Finding and Finding Reference Number - N/A S3800-020 Criteria ? In accordance with the regulatory agreement, the Corporation is required to maintain a segregated tenant security deposit account that, at all times, remains at least equal to or greater than the tenant security deposit liability account. S3800-030 Statement of Condition ? The Corporation?s tenant security deposit account is underfunded by $227 during the year ended August 31, 2022. S3800-032 Cause ? Unknown. S3800-033 Effect or Potential Effect ? The Corporation is in violation of its Regulatory Agreement entered between the Corporation and HUD. S3800-035 Auditor Non-Compliance Code ? M S3800-040 Questioned Costs ? $227 S3800-045 Reporting Views of Responsible Officials ? The Corporation did not maintain a segregated tenant security deposit account that, at all times, remains at least equal to or greater than the tenant security deposit liability account. S3800-050 Context ? The Corporation?s tenant security deposit account is under-funded by $227 during the year ended August 31, 2022. S3800-080 Recommendation ? Management should immediately fully fund the tenant security deposit account to its required amount. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Finding and Recommendations ? Management should immediately fully fund the tenant security deposit account to its required amount. S3800-130 Response Indicator ? Agree S3800-140 Completion Date ? October 21, 2022 S3800-150 Response ? Management deposited $250 into the tenant security deposit account on October 21, 2022.