Finding Text
2022 ? 001 Required Reserve Deposits CFDA Numbers Name of Federal Program 14.181 HUD - Section 811, Supportive Housing for Disabled Persons Finding: The Organization did not deposit the residual receipts amount due for the year ending December 31, 2021 within 60 days. Repeat Finding: Not a repeat finding from 2021 Criteria: The Organization is required to deposit residual receipts within 60 days after year-end in a separate, interest bearing account. The funds can be used for the operating needs of the property, including debt service, with the prior written approval of HUD. Condition, context and cause: The Surplus Cash computation prepared as of December 31, 2021 determined there was $4,314 of Surplus Cash and a deposit of this amount was due to the Residual Receipts account within 60 days. A partial deposit of $27 was made to the Residual Receipts account in April 2022. Sample size and population: Sampling was not applicable to this finding. Effect: The Organization did not comply with the Residual Receipts deposit requirements. Recommendation: We recommend the Organization fund the residual receipts accounts as required. Questioned Costs: N/A Management Response and Corrective Action Plan: We understand the auditors? finding and will monitor residual receipts deposits so they are made within 60 days of year end as required. Contact Person: Tom Anderson