Finding 601200 (2022-001)

-
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2022-10-12

AI Summary

  • Core Issue: The Organization failed to deposit surplus cash of $6,476 into the required residual receipts account by the September 30, 2021 deadline.
  • Impacted Requirements: This oversight violates the HUD regulatory agreement that mandates timely deposits based on surplus cash calculations.
  • Recommended Follow-Up: Implement a process to ensure timely calculations and deposits are consistently made in the future.

Finding Text

Program: U.S. Department of Housing and Urban Development Supportive Housing for Persons with Disabilities (Section 811) ? Criteria or specific requirement: In accordance with the HUD regulatory agreement, the Organization shall establish a residual receipts account and make deposits into the account within 90 days after the close of the fiscal year based on the surplus cash calculation. Condition: The Organization has surplus cash in its June 30, 2021, financial statements of $6,476 which was required to be deposited September 30, 2021, and was not deposited. Cause: There was an oversight by the Finance Department when reviewing the financial statements and the transfer was not made. Recommendation: We recommend that a process be put in place to ensure the calculation and any necessary deposits are made timely. Views of responsible officials (and planning corrective actions): Management agrees with the recommendations provided. See Corrective Action Plan.

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $40,856