Finding Text
Finding reference number: 2024-001
Assistance Listing (Federal award identification number and year): Section 8 Housing
Assistance Payments Program; Assistance Listing No. 14.195, for the year ended December 31, 2024.
Auditor non-compliance code: B – Failure to make required residual receipt deposit
Finding resolution status: Resolved
Universe population size: The universe population size is not applicable to the finding
Sample size information: The sample size information is not applicable to the finding
Statistically valid sample: N/A
Name of Federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $35,932
Statement of condition 2024-001: The required residual receipts deposit in the amount of $35,932
per the December 31, 2023 Computation of Surplus Cash, Distributions and Residual Receipts was not
deposited into a residual receipts fund within 90 days after the fiscal year end.
Criteria: Pursuant to the Regulatory Agreement, surplus cash must be deposited into the residual
receipts fund within 90 days of the prior year-end.
Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement.
Cause: This was an oversight by Management.
Recommendation: Management should make all required residual receipts deposits per the annual
Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year
end.
Management's response: Agree. Management deposited $35,932 into the residual receipts fund
on June 12, 2024.