FAC Explorer

Finding 382328 (2023-001)

-
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-03-20
Audit: 296026
Organization: Lbb Corp. (RI)
Auditor: D'ambra CPA

AI Summary

  • Answer: The Corporation failed to deposit surplus cash into residual receipts within the required 90 days after year-end.
  • Trend: This delay occurred due to a management oversight, indicating a potential pattern of non-compliance.
  • List: Ensure future deposits are made on time to meet federal regulations and avoid penalties.

Finding Text

Federal program - Section 202: Criteria - Federal regulations require the Corporation to deposit surplus cash to the residual receipts within 90 days of year end; Condition - the deposit was not made until the 5th month after year end; Cause - management oversight; Recommendation - future deposits, if any, should be deposited on a timely basis. Response:

Corrective Action Plan

Finding 2023-001: late deposit of residual receipts. Corrective action plan: none required.

Categories

Cash Management HUD Housing Programs Internal Control / Segregation of Duties

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.239 Home Investment Partnerships Program $300,000
14.157 Supportive Housing for the Elderly $140,153