Finding Text
Finding 2024-005: Residual Receipts Deposit: Condition: At November 14, 2024, the Project had a calculated annual surplus which has not been deposited into the residual receipts account. Criteria: The calculated annual surplus is required to be deposited into the residual receipts account. Effect: Potential noncompliance with HUD agreement provisions. Cause: A deposit into the residual receipts account has not been made. Recommendation: The Project needs to determine if these funds must be submitted to the new owner. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the finding and recommendation. Questioned costs: $54,839