Answer: Excess residual receipts were not sent to HUD as required.
Trend: This issue indicates a pattern of non-compliance with financial remittance rules.
List: Follow up by ensuring timely remittance of excess receipts and reviewing compliance procedures.
Finding Text
Excess residual receipts were not remitted to HUD as required.
Corrective Action Plan
The management of Anderson Place Apartments, Inc. accepts the recommendation of Deming, Malone, Livesay & Ostroff and, accordingly, management will contact HUD to ensure that all excess residual receipts are remitted to HUD as soon as possible.