Finding Text
Department of Housing and Urban Development Finding 2022-001: Delinquent Residual Receipts Deposit Condition: The calculated annual surplus cash from the year ended December 31, 2021, was not deposited into the residual receipts account during the current year. Criteria: The calculated annual surplus cash is required to be deposited into the residual receipts account. Effect: Potential noncompliance with HUD agreement provisions. Cause: Management oversight resulted in the calculated annual surplus cash from the year ended December 31, 2021, to not be deposited into the residual receipts account during the current year. Recommendation: The calculated annual surplus cash from the year ended December 31, 2021, should be deposited into the residual receipts account immediately. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the finding and has deposited the calculated annual surplus cash from the year ended December 31, 2021, into the residual receipts account subsequent to year-end. Questioned Costs: $50,831