Answer: Management took out $12,500 from the escrow account with HUD's approval.
Trend: This action aligns with previous withdrawals that were also approved by HUD.
List: Ensure future withdrawals continue to have proper documentation and HUD approval.
Finding Text
Management withdrew $12,500 from its residual receipts escrow account with prior HUD written approval
Corrective Action Plan
Management will continue to attempt to contact the Project's HUD Project Coordinator in order to obtain the required approval for the withdrawal from the reserve for replacements account