Finding 568855 (2024-006)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-06-30

AI Summary

  • Answer: Springfield Metropolitan Housing Authority needs to reconcile Inter Program accounts monthly.
  • Trend: Regular reconciliation and timely reimbursement of interfund borrowings will lower the risk of questioned costs.
  • List: Implement monthly reconciliations and ensure interfund borrowings are reimbursed promptly.

Finding Text

In order to be in compliance with guidelines established by the Department of Housing and Urban Development, I recommend that Springfield Metropolitan Housing Authority, should reconciled the Inter Program accounts on a monthly basis. In addition, interfund borrowings should be reimbursed within a reasonable timeframe, during the operating cycle. By performing these procedures, the risk of incurring questioned costs will be significantly reduced.

Corrective Action Plan

Accounts will be reconciled and agreed to detail ledger monthly. At YE balance will be agreed to FDS prior submission. Training will be implemented to ensure completed.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 568856 2024-007
    Significant Deficiency
  • 568857 2024-008
    Significant Deficiency Repeat
  • 568858 2024-009
    Significant Deficiency Repeat
  • 1145297 2024-006
    Material Weakness
  • 1145298 2024-007
    Significant Deficiency
  • 1145299 2024-008
    Significant Deficiency Repeat
  • 1145300 2024-009
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
14.871 Section 8 Housing Choice Vouchers $5.08M
14.850 Public Housing Operating Fund $3.17M
14.872 Public Housing Capital Fund $2.67M
14.879 Mainstream Vouchers $237,582
14.238 Shelter Plus Care $145,166
14.896 Family Self-Sufficiency Program $49,997