Finding 575606 (2023-003)

Significant Deficiency
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2025-09-04

AI Summary

  • Core Issue: The residual receipts account is underfunded by $14,849 as of September 30, 2023.
  • Impacted Requirements: The Corporation failed to comply with HUD regulations requiring surplus cash deposits into the residual receipts account.
  • Recommended Follow-Up: Ensure the delinquent deposits are made promptly; management has already addressed this by depositing the amount.

Finding Text

Condition - The residual receipts account is underfunded by $14,849 at September 30, 2023. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Corporation is required to deposit surplus cash in a residual receipts account. Effect - The Corporation was not in compliance with the above HUD regulations. Cause - The residual receipts account was not adequately funded during the year. Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample. Recommendation - We recommend that the delinquent deposits totaling $14,849 for the year ended September 30, 2023 be deposited into the residual receipts account as soon as possible. Management's Reply -(a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation. Please see below for action taken. (b) Action taken: Management has deposited the underfunded amount as of the date of this report.

Corrective Action Plan

Corrective Action Plan (CAP) Name of auditee: MAC Housing Development Fund Corporation TIN: 014-EE134 Name of Audit Firm: EFPR Group, CPAs, PLLC Period covered by audit: September 30, 2023 CAP prepared by: Amanda Hamilton Finance Director Franklin County Community Housing Council, Inc. (518) 483-5934 Current Finding on the Schedule of Findings and Questioned Costs and Recommendations (3) Finding 2023-003 (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation. Please see below for action taken. (b) Action taken: Management has deposited the underfunded amount as of the date of this report.

Categories

HUD Housing Programs Special Tests & Provisions Cash Management

Other Findings in this Audit

  • 575604 2023-001
    Significant Deficiency Repeat
  • 575605 2023-002
    Significant Deficiency Repeat
  • 575607 2023-001
    Significant Deficiency Repeat
  • 575608 2023-002
    Significant Deficiency Repeat
  • 575609 2023-003
    Significant Deficiency
  • 1152046 2023-001
    Significant Deficiency Repeat
  • 1152047 2023-002
    Significant Deficiency Repeat
  • 1152048 2023-003
    Significant Deficiency
  • 1152049 2023-001
    Significant Deficiency Repeat
  • 1152050 2023-002
    Significant Deficiency Repeat
  • 1152051 2023-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $131,151