Finding 49700 (2022-001)

Requirement

Questioned Costs

Year

2022

Accepted

2023-03-23

Audit: 42278

Organization: Parkway Commons Housing Development Fund Company, Inc. - Resch Commons (NY)

Auditor: Freed Maxick CPAS PC

AI Summary

Answer: The Project failed to deposit surplus cash into the residual receipts account within the required 90 days after year-end.
Trend: Lack of timely deposits indicates a gap in financial controls.
List: Implement a control system to ensure timely deposits and maintain compliance with federal regulations.

Finding Text

Assistance Listing Number: Supportive Housing for the Elderly ? 14.157 Criteria: The Project is required to deposit surplus cash, if any, into the residual receipts account within 90 days after year end. Condition: The Project did not timely deposit surplus cash into their residual receipts account. Cause: The Project did not have a control in place to ensure the deposit was made timely. Effect: The Project is not in compliance with federal regulations. Repeat Finding: N/A

Corrective Action Plan

Management concurs with the finding. The Project will ensure the surplus calculation is completed timely and the required deposit to the residual receipts reserve made by February 28th, the 60 day requirement, if necessary. We will implement this procedure in 2023.

Other Findings in this Audit

626142 2022-001

-

Programs in Audit

ALN	Program Name	Expenditures
14.157	Supportive Housing for the Elderly	$2.30M