Answer: The project overpaid the management agent by $3,185.
Trend: This indicates a potential issue with expense tracking and approval processes.
List: Review expense approval procedures and implement checks to prevent future overpayments.
Finding Text
THE PROJECT OVERPAID EXPENSES TO THE MANAGEMENT AGENT IN THE AMOUNT OF $3,185.
Corrective Action Plan
MANAGEMENT AGREES WITH THE FINDING. THE MANAGEMENT AGENT ISSUED A REFUND AND IS IN THE PROCESS OF GETTING HUD APPROVAL FOR AN UPDATED MANAGEMENT FEE CERTIFICATION TO ENSURE THERE ARE NO FUTURE OVERPAYMENTS.