FAC Explorer

Finding 380636 (2023-001)

- Repeat Finding
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-03-15
Audit: 295390
Organization: Housing Authority of Crisfield (MD)
Auditor: Sb & Company LLC

AI Summary

  • Core Issue: The Authority lacks required depository agreements with financial institutions for Federal funds.
  • Impacted Requirements: This violates HUD regulations that mandate these agreements to protect Federal funds.
  • Recommended Follow-Up: The Authority must establish depository agreements with all financial institutions managing Federal funds.

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 HUD in the ACC. The agreements serve as safeguards for Federal funds a provide third-party rights to HUD. Condition The Authority could not provide depositor agreements with financial institutions holding Federal funds for the Authority. Questioned Costs None. Cause The Authority does not have depositor agreements with financial institutions holding Federal funds for the Authority. Effect The Authority should enter into depository agreements with all financial institutions holding Federal funds for the Authority. Recommendation The Authority should enter into depository agreements with all financial institutions holding Federal funds for the Authority.

Corrective Action Plan

Condition: The Authority could not provide depositor agreements with financial institutions holding Federal funds for the Authority. Status: A similar finding was noted in fiscal year 2023. See corrective action plan for current year finding 2023-001.

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.872 Capital Fund Program $1.42M
14.850 Public and Indian Housing $1.29M