Finding Text
Title and ALN Number of Federal Program - 14.155 - Federal Program; Type of Finding - Federal Award Finding; Finding Resolutino Status - Unresolved; Information on Universal Population Size - N/A; Sample Size Information - N/A; Identification of Repeate Finding and Finding Reference Number - N/A; Criteria - Pursuant to the requirements of the Regulatory Agreement, the Corporation is required to comply with all HUD regulations and other requirements. The Regulatory Agreement establishes the requirement to deposit surplus cash to the residual receipts fund; Statement of Condition - At June 30, 2024 the residual receipts deposited calculated in the June 30, 2023 audit was not deposited to the residual receipts account; Cause - Management did not make the required residual receipts deposit as calculated in the June 30, 2023 audited financial statements; Effect or Potential Effect - The Corporation is not in compliance with the terms of the Regulatory Agreement; Auditor Non-Compliance Code - A; Questioned Costs - $103332; Reporting Views of Responsible Officials - Management will ensure future residual receipts deposits are made timely; Context - Residual receipts are required to be deposited within 90 days following yearend. The Corporation did not have sufficient funds during the year ended June 30, 2024; Management should transfer $103332 to ensure that the residual receipts account is adequately funded; Auditor's Summary of the Auditee's Comments on the Findings and Recommendations - Management will ensure future residual receipts deposits are made timely; Response Indicator - Agree; Completion Date - 06/30/2025; Response - Management will ensure future residual receipts deposits are made timely