Finding Text
2022-001 Criteria The finding was evaluated from the regulatory agreement and HUD guidelines. Statement of Condition The Project made a partial deposit to residual receipts reserve of $2,594 rather than the required $4,298 related to the 2021 surplus of cash. The Project has delinquent deposits of $1,704 in 2022. Cause The delinquent deposit is a result of an oversight. Effect or Potential Effect The residual receipts reserve was underfunded by $1,704 for the year ended December 31, 2022. Reporting Views of Responsible Officials Management has completed the required deposit to the residual receipts reserve of $1,704 in April 2023. Recommendation We recommend management make timely required deposits to residual receipts reserve and verify that the amount represents the full requirement.