Finding Text
Assistance Listing (Federal award identification number and year): Supportive Housing for the Elderly, Assistance Listing No. 14.157 ( Project identification number 034-EE121, December 2005)
Auditor non-compliance code: M-Security Deposits
Finding resolution status: Resolved
Universe population size: 12 months of deposits in the security deposit cash account at least equal to the outstanding obligation.
Sample size information: 12 months of deposits in the security deposit cash account at least equal to the outstanding obligation.
Statistically valid sample: 3
Name of Federal agency: Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $1,513
Statement of condition 2023-001: At December 31, 2023 and throughout 2023, the security deposit cash account did not equal or exceed the security deposit liability.
Criteria: Pursuant to the Regulatory Agreement, residents' security deposits should be funded in a separate account in an amount which shall at all times equal or exceed the aggregate of all outstanding obligations.
Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. The security deposit liability is underfunded by $1,513 at December 31, 2023.
Cause: Procedures were not in place for the required funding to be made.
Recommendation: Management will deposit $1,513 into the security deposit cash account as soon as funds are available.
Management's response: Management concurs with the finding and made the required deposit on March 18, 2024.