Finding 587447 (2023-001)

Information on the Universe Population Size 1 tenant security deposit cash account Section III – Federal Award Findings and Questioned Costs (continued) Sample Size Information 1 tenant security deposit cash account Identification of Repeat Finding Reference Number N/A Criteria The regulatory agreement requires that any funds collected as security deposits shall be kept separate from all other funds of the Entity and equal or exceed the security deposit balance collected. Statement of Condition Security deposit balance maintained by the Entity in the bank account was below the amount of residential tenant deposits received by the Entity. Cause The cause of the missing payments was due to management oversight. Effect or Potential Effect The security deposit fund is underfunded by a total of $4,756. Auditor Non-Compliance Code M- Security Deposits Questioned Costs There were no known questioned costs. Perspective The finding represents an isolated instance of management oversight. Repeat Finding No Recommendations Auditor recommends that the Entity fund the bank account immediately to fund the shortfall and create a better system of controls to ensure no future occurrences. Views of Responsible Officials See management corrective action plan