Finding Text
Finding reference number: #2022-001 Assistance Listing title and number (Federal award identification number and year): Supportive Housing for Persons with Disabilities, Assistance Listing 14.181, 1997 Auditor non-compliance code: N ? Special tests and provisions Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $53,828 Statement of condition # 2022-001: The Corporation's required deposit of $53,828 to the residual receipts account per the June 30, 2021 Computation of Surplus Cash, Distributions and Residual Receipts was not deposited within 90 days of the fiscal year end. Criteria: Pursuant to the HUD regulations, surplus cash is required to be deposited into a separate residual receipts fund within 90 days after the fiscal period ends. Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. Cause: This was an oversight by management. Recommendation: Management should make all required residual receipts deposits per the annual Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after fiscal year end. Completion date: November 12, 2021 Management Response: Management concurs with the finding and the auditor's recommendation. Management deposited $53,828 into the residual receipts fund on November 12, 2021. No further action is required.