FAC Explorer

Finding 3878 (2023-001)

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Requirement
N
Questioned Costs
-
Year
2023
Accepted
2023-12-11
Audit: 6126
Organization: Laramie Square Housing (WY)
Auditor: Mrachek Popp and Associates PC

AI Summary

  • Answer: There was a $910 shortfall in the required deposit to the residual receipts account.
  • Trend: This issue indicates a potential pattern of mismanagement in financial reporting.
  • List: Management plans to correct the deficiency promptly and ensure compliance with HUD rules.

Finding Text

Condition: The required residual receipts deposit was deficient by $910. Critiera: HUD compliance requires prior year surplus cash to be deposited into residual receipts account. Effect: Violation of HUD compliance rules for the residual receipts account. Cause: Management tranposed the $ required to be deposited. Recommendation: Make up the $910 deficiency. Views of responsible officials and planned corrective action: Management will make up the deficient deposit as soon as possible.

Corrective Action Plan

Action Taken: Management agrees and will make up the deficient deposit as soon as possible.

Categories

HUD Housing Programs Cash Management

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.79M
14.195 Section 8 Housing Assistance Payments Program $421,936
14.191 Multifamily Housing Service Coordinators $32,972