Finding Text
Supportive Housing for Elderly Persons ALN #14.157
Statement of Condition: The Project did not deposit 2022 surplus cash into a residual receipts account within 90 days after the fiscal year end.
Criteria: Pursuant to HUD Regulations, the Project is required to deposit surplus cash into a residual receipts account within 90 days after fiscal year end.
Effect of Condition: This is a violation of the HUD Regulations.
Cause of Condition: The procedures in place to ensure the surplus cash deposit was made timely were not consistently followed.
Recommendation: No action is needed, as the required surplus cash deposit has already been made to the residual receipts account.
Response: See Corrective Action Plan.