Finding Text
Finding No. 2022-001 1. CONDITION ? Project tenant security deposits payable overfunded when compared to tenant?s security cash accounts. 2. CRITERIA ? In HUD Handbook 4350.3, Rev. 1, Chapter 6, Section 2 Paragraph 6-17(B), stated that balance of account must be equal to the amount collected from all tenants in occupancy plus any accrued interest. 3. EFFECT ? Tenant?s security deposits payable is overfunded by $2. 4. CAUSE ? Transfer from forfeited tenant?s security deposit amounted to $2 recorded twice. 5. RECOMMENDATION ? Management Agent must transfer the underfunded amount to the tenant?s security deposit cash account, as soon as possible.