FAC Explorer

Finding 585212 (2023-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-01-17
Audit: 12044
Organization: Stroud Manor, Inc. (LA)
Auditor: Gragson Casiday & Guillory LLP

AI Summary

  • Core Issue: Residual receipts of $37,395 were not deposited on time as required by the regulatory agreement.
  • Impacted Requirements: Section 5(c) mandates deposits within sixty days after year-end; the deadline was August 29, 2022.
  • Recommended Follow-Up: Ensure future deposits comply with deadlines to avoid penalties and maintain regulatory compliance.

Finding Text

Condition - Noncompliance with Capital Advance Program Regulatory Agreement Section 5(c) which requires deposit of residual receipts within sixty days after year end. The June 30, 2022 residual receipts amount of $37,395 was required to be deposited within sixty days after year end, August 29, 2022. This amount was deposited in three payments of $10,810 on September 6, 2022, $25,000 on June 20, 2023, and $1,585 on August 28, 2023. all three payments are considered late.

Categories

Cash Management HUD Housing Programs

Other Findings in this Audit

  • 8770 2023-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $1.05M
14.195 Section 8 Housing Assistance Payments Program $42,200