Finding Text
Condition: During the audit we noted the HRA did not have depository agreements with the banks. Criteria: Code of Federal Regulations ? 982.156 requires depository agreements to be deposited with a financial institution selected as depositary by the PHA in accordance with HUD requirements. Cause: The HRA did not have all necessary forms for single audit compliance. Effect: The HRA is not in compliance with Federal Award Programs. Recommendation: We recommend the HRA management complete the necessary forms with the bank to ensure compliance. Management Response: The HRA?s management will complete the depository agreement forms with the bank.