Finding Text
39 -
2024-2
14.157 Supportive housing for the elderly
Federal Award Finding
In process
N/A
N/A
No
The Regulatory Agreement requires surplus cash to
be deposited to the Residual Receipt account when
there is prior year surplus cash deposit due.
The Corporation did not make the required deposit
to the Residual Receipts account.
Lack of cash flow due to lack of receipt of rental
assistance payments.
The Project's Residual Receipts account is
underfunded and is not compliant with the
Regulatory Agreement.
N - Residual Receipts Deposits
052-EE035
$76,955
The Corporation, despite multiple efforts from
management, did not receive the rental assistance
payments from HUD during the year and thus did
not have the cash flow to be able to make the
deposits to the Residual Receipt account in the
amount of $76,955.
The Corporation should deposit $76,955 into the
Residual Receipts account.