Answer: Management failed to submit the necessary repayment plan for the RRF loan to HUD.
Trend: This oversight indicates a potential pattern of non-compliance with HUD requirements.
List: Follow up by ensuring the repayment plan is submitted promptly and review processes to prevent future lapses.
Finding Text
Management did not submit the required repayment plan to HUD for the RRF loan it received during the year.
Corrective Action Plan
SPM terminated the employment of the person responsible for this oversight and has implemented an internal control for its Financial Planning & Analysis department to monitor the management team’s compliance with these deadlines.
Categories
HUD Housing ProgramsMatching / Level of Effort / Earmarking