Finding Text
Statement of condition #2022-001: The required deposit of $16,084, per the June 30, 2021 Computation of Surplus Cash, Distributions and Residual Receipts, was not deposited into the Residual Receipts Fund within 90 days of the fiscal year end. Criteria: The Regulatory Agreement requires Surplus Cash, as defined by HUD, to be deposited into a separate Residual Receipts Fund within 90 days of the fiscal year end. Effect: The Corporation was not in compliance with the Regulatory Agreement. Cause: Management did not make the required deposit to the Residual Receipts Fund within 90 days of fiscal year end based on the Computation of Surplus Cash, Distributions and Residual Receipts as of June 30, 2021. Recommendation: Management should monitor the Surplus Cash position and make required deposits to the Residual Receipts Fund within 90 days of fiscal year end. Completion date: March 31, 2022 Management?s response: Management concurs with the finding and the auditor's recommendation. Management deposited the $16,084 to the Residual Receipts Fund on March 31, 2022.