Finding 42018 (2022-001)

- Repeat Finding
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-08-13
Audit: 39916
Organization: Casa Matilde Nielson, Inc. (PR)
Auditor: Jlm & CO LLP

AI Summary

  • Issue: Security deposit cash accounts are overfunded by $101 compared to tenant liabilities.
  • Requirement: HUD guidelines state that the account balance must match the total collected from tenants plus interest.
  • Action: Management should promptly transfer the excess funds to the operating cash account.

Finding Text

Finding No. 2022-001 1. CONDITION ? Security deposits cash accounts is overfunded when compared to Project tenant security liability. 2. CRITERIA ? In HUD Handbook 4350.3, Rev. 1, Chapter 6, Section 2 Paragraph 6-17(B), stated that balance of account must be equal to the amount collected from all tenants in occupancy plus any accrued interest. 3. EFFECT ? Security cash account is overstated by $101. 4. CAUSE ? Collection of tenant security deposited by error in the Project operating cash account amounted to $50 by Project Administrator and a duplicate of collection from move out for $51. 5. QUESTIONED COSTS ? None. 6. RECOMMENDATION ? Management Agent must transfer the overfunded amount to the operating cash account, as soon as possible.

Corrective Action Plan

CASA MATILDE NIELSON, INC. CORRECTIVE ACTION PLAN FINANCIAL STATEMENT Fiscal Year May 31, 2022 NAME OF PROJECT: NUMBER OF PROJECT: AUDITOR/ AUDIT FIRM: Casa Matilde Nielson FHA# 056-EH-068-WAH-LS Jose Luis Mendoza & Co., LLP FINDING NO. 2022-001 SECURITY DEPOSITS We agree. Correction has been made transfering the difference of $1O1 from Security Deposits to the Operating bank account. Combined Building & Housing Consultants, Inc. Management Agent Name of Contact Person: Rebecca Palacios Position: President Combined Building 32

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.182 Section 8 New Construction and Substantial Rehabilitation $515,556
14.157 Supportive Housing for the Elderly $249,556
14.182 Supplemental Assistance Hud - Covid 19 $13,250