FAC Explorer

Finding 587308 (2023-001)

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Requirement
B
Questioned Costs
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Year
2023
Accepted
2024-01-30
Audit: 14589
Organization: Montrose Voa Elderly Housing, INC (centennial Tower) (VA)
Auditor: Maddox & Associates Apc

AI Summary

  • Answer: Residual Receipts over $250 per unit must be sent to HUD when the PRAC ends.
  • Trend: This requirement has been reaffirmed in the October 14, 2016 HUD Memorandum.
  • List: Ensure compliance by reviewing Residual Receipts accounts before PRAC termination.

Finding Text

HUD Memorandum dated October 14, 2016, “Continuing Remission of Excess PRAC Residual Receipts”, continues the requirement that “Any balance greater than $250 per unit in a Residual Receipts account must be remitted to HUD’s Accounting Center upon “termination” of the PRAC”.

Categories

HUD Housing Programs Cash Management

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $2.90M