FAC Explorer

Finding 380631 (2022-003)

- Repeat Finding
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2024-03-15
Audit: 295389
Organization: Housing Commission of Talbot (MD)
Auditor: Sb & Company LLC

AI Summary

  • Core Issue: The Commission lacks required depository agreements with financial institutions for Federal funds.
  • Impacted Requirements: Public Housing Authorities must have agreements using HUD-519999 or an approved form to protect Federal funds.
  • Recommended Follow-Up: The Commission should promptly establish depository agreements with all relevant financial institutions.

Finding Text

Criteria Public Housing Authorities are required to enter into depository agreements with their financial institutions using the HUD-519999 or a form required by HDU in the ACC. The agreements serve as safeguards for Federal funds a provide third-party rights to HUD. Condition The Commission could not provide depositor agreements with financial institutions holding Federal funds for the Commission. Questioned Costs None. Cause The Commission does not have depositor agreements with financial institutions holding Federal funds for the Commission. Effect The Commission should enter into depository agreements with all financial institutions holding Federal funds for the Commission. Recommendation The Commission should enter into depository agreements with all financial institutions holding Federal funds for the Commission.

Categories

HUD Housing Programs

Other Findings in this Audit

  • 380626 2022-001
    Material Weakness Repeat
  • 380627 2022-002
    - Repeat
  • 380628 2022-003
    - Repeat
  • 380629 2022-001
    Material Weakness Repeat
  • 380630 2022-002
    - Repeat
  • 380632 2022-001
    Material Weakness Repeat
  • 380633 2022-002
    - Repeat
  • 380634 2022-001
    Material Weakness Repeat
  • 380635 2022-002
    - Repeat
  • 957068 2022-001
    Material Weakness Repeat
  • 957069 2022-002
    - Repeat
  • 957070 2022-003
    - Repeat
  • 957071 2022-001
    Material Weakness Repeat
  • 957072 2022-002
    - Repeat
  • 957073 2022-003
    - Repeat
  • 957074 2022-001
    Material Weakness Repeat
  • 957075 2022-002
    - Repeat
  • 957076 2022-001
    Material Weakness Repeat
  • 957077 2022-002
    - Repeat

Programs in Audit

ALN Program Name Expenditures
14.871 Section 8 Housing Choice Vouchers $1.18M
14.872 Public Housing Capital Fund $216,245
14.850 Public and Indian Housing $114,839
14.871 Covid 19 - Section 8 Housing Choice Vouchers $21,113