Finding Text
FINDING No. 2022-001: Section 202 Supportive Housing for the Elderly, CFDA 14.157 Finding Resolution Status: Resolved. Information on Universe Population Size: Residual Receipts. Sample Size Information: Residual Receipts. Identification of Repeat Finding and Finding Reference Number: No. Criteria: As required by HUD regulations, surplus cash must be deposited into the residual receipts account within 90 days after the fiscal year-end. Statement of Condition: The Project did not deposit surplus cash of $14,057 into the residual receipts account within 90 days from the fiscal year-end. Cause: The Project did not create a residual receipts bank account in time to deposit the surplus cash into the account within the required time frame. Effect or Potential Effect: The Project is noncompliant with the HUD requirement to deposit the surplus cash into the residual receipts account within the required timeframe. Auditor Non-Compliance Code: B ? Failure to make required residual receipts deposits. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor?s recommendations have been adopted. Recommendation: The Project should implement procedures to appropriately and timely identify surplus cash at each fiscal year-end and deposit those funds in the residual receipts account within 90 days after the Project?s fiscal year-end. Response Indicator: Agree. Completion Date: 02/09/2022 Response: The former accountant did not request a timely transfer of the surplus. All current accountants have been trained on the proper surplus cash procedures.