Finding Text
2023-001 Depository Agreements
U.S. Department of Housing and Urban Development
Section 8 Housing Voucher Program 14.871
Condition: During the audit we noted the HRA did not have depository agreements with the banks.
Criteria: Code of Federal Regulations § 982.156 requires depository agreements to be deposited with a financial institution selected as depositary by the PHA in accordance with HUD requirements.
Cause: The HRA did not have all necessary forms for single audit compliance.
Effect: The HRA is not in compliance with Federal Award Programs.
Recommendation: We recommend the HRA management complete the necessary forms with the bank to ensure
compliance.
Management Response:
The HRA’s management will complete the depository agreement forms with the bank.