Answer: Residual receipts were not deposited into the required account within 60 days after the fiscal year ended.
Trend: This indicates a potential pattern of non-compliance with HUD regulations regarding financial management.
List: Follow up by ensuring timely deposits in the future and reviewing compliance processes to prevent recurrence.
Finding Text
DESCRIPTION OF FINDING: THE HUD REGULATORY AGREEMENT REQUIRES RESIDUAL RECEIPTS TO BE DEPOSITED INTO A SEPARATE INTEREST BEARING ACCOUNT WITHIN 60 DAYS AFTER THE END OF THE ANNUAL FISCAL YEAR. THIS DEPOSIT WAS NOT MADE WITHIN THE REQUIRED 60 DAYS.
Corrective Action Plan
MANAGEMENT’S OR DEPARTMENT’S RESPONSE: WE CONCUR. VIEWS OF RESPONSIBLE OFFICIALS AND CORRECTION ACTION: AMOUNT HAS BEEN DEPOSITED. ADDITIONALLY, ALL RESTRICTED ACCOUNTS WILL BE REVIEWED ANNUALLY TO ENSURE TRANSFERS ARE MADE.