FAC Explorer

Finding 484693 (2023-001)

-
Requirement
N
Questioned Costs
$1
Year
2023
Accepted
2024-08-20
Audit: 317582
Organization: Golden Acres Retirement Center, Inc. 112-Ee009 (TX)
Auditor: M Group LLP

AI Summary

  • Core Issue: The Company failed to deposit surplus cash into the residual receipts account within the required 60 days after year-end.
  • Impacted Requirements: This action violates the HUD regulatory agreement, which mandates timely deposits of surplus cash.
  • Recommended Follow-Up: Ensure future compliance by depositing surplus cash into the residual receipts account within the specified 60-day timeframe.

Finding Text

Finding #2023-001: Section 202 Capital Advance, Assistance Listing 14.157 Type of Finding: Other Matter Condition: The Company did not deposit surplus cash into the residual receipts account within 60 days of year end. Criteria: The HUD regulatory agreement requires the Company to deposit surplus cash into the residual receipts account within 60 days of year end. Effect: The Company is in violation of its Regulatory Agreement. Questioned Cost: $27,624 Cause: Oversight Repeat Finding: No Recommendation: The Company should deposit any surplus cash into the residual receipts account within 60 days of year end. Auditor’s Comment: During March 2024, the Company deposited $27,624 into the residual receipts account. Finding 2023-001 Cleared.

Corrective Action Plan

CORRECTIVE ACTION PLAN: Name and Number of the Project: Golden Acres Retirement Center, Inc. No. l 12-EE009 Audit Firm: M Group, LLP Audit Period: The year ended December 31, 2023 Compliance Review: A. COMMENTS ON FINDINGS AND RECOMMENDATIONS: We concur with the findings and recommendations of our auditors regarding our noncompliance as cited in the accompanying Schedule of Findings and Questioned Costs. ACTIONS TAKEN: FINDING 1: Section 202 Capital Advance, Assistance Listing 14:157 CORRECTIVE ACTION COMPLETED: On March 25, 2024, the Company deposited $27,624 into the residual receipts account. Finding cleared. We have prepared the corrective action plan as required by the standards applicable to financial statements contained in Government Auditing Standards and by the audit requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards. Any questions regarding the above corrective action plan should be directed to Ms. Connie Quillen, Vice President, Asset Living.

Categories

Questioned Costs HUD Housing Programs Cash Management

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $130,230