Finding 520221 (2024-001)

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Requirement
N
Questioned Costs
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Year
2024
Accepted
2025-01-24

AI Summary

  • Answer: The cash balance for security deposits was not enough to cover the total liability at year-end.
  • Trend: This indicates a potential ongoing issue with cash management for security deposits.
  • List: Recommend reviewing cash reserves and adjusting deposit policies to ensure full coverage in the future.

Finding Text

During our testing procedures of the security deposit liability, it was noted that the security deposit cash balance was insufficient to fully cover the security deposit liability at year end.

Corrective Action Plan

We recommend that management implement further internal controls over security deposit cash to ensure adequate cash is on hand to cover the security deposit liability at year end. Management agrees with the finding and the recommended internal control procedures have been implemented. Management has already corrected the issue and funds have been deposited to the security deposit cash account to fully cover the liability.

Categories

No categories assigned yet.

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.134 Mortgage Insurance Rental Housing $1.83M
14.195 Project-Based Rental Assistance (pbra) $1.34M
14.164 Operating Assistance for Troubled Multifamily $1.17M
14.191 Multifamily Housing Service Coordinators $33,399