Supportive Housing for Persons With Disabilities – Assistance Listing No. 14.181
Criteria or Specific Requirement: Department of Housing and Urban Development requires any surplus funds in the project funds account at the end of the fiscal year to be deposited in a federally insured account within 60 days following the end of the fiscal year.
Condition: As of June 30, 2024, Continuum Supportive Housing of West Hartford, Inc. has a surplus cash of $50,759. The required deposit into a residual receipt account was not made within 60 days following the end of the fiscal year.
Questioned costs: None
Context: We reviewed the surplus cash calculation noting that the Project has a surplus cash of $50,759 at the end of the fiscal year 24. Surplus cash should have been deposited within 60 days following the end of the fiscal year.
Cause: This was an oversight by management.
Effect: The required deposit was not made as required by the Department of Housing and Urban Development.
Repeat Finding: No
Recommendation: It is recommended that management make the required deposit as soon as possible.
Views of Responsible Officials: There is no disagreement with the audit finding.
Action taken in response to finding:. Required deposit will be made by March 31, 2025.
Name of the contact person responsible for corrective action: Angela Westwood, CFO
Planned completion date for corrective action plan: March 31, 2025.