Finding Text
Finding reference number: #2022-001 Assistance Listing title and number (Federal award identification number and year): Section 8 Housing Assistance Payments, Assistance Listing No. 14.195 Identification numbers Property Year of award CO99T851006 REDI IV 2017 CO99T881007 REDI V 2015 Auditor non-compliance code: N - Special Tests and Provisions Finding resolution status: Cleared Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Statistically valid sample: N/A Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Repeat Finding: Yes Statement of condition #2022-001 (Assistance Listing No. 14.195): At March 31, 2022, the Corporation's residual receipts accounts were not invested in interest bearing accounts. Criteria: The HAP Contracts require that surplus cash, as defined, be deposited into interest bearing residual receipts account or reserve for replacement account. Effect or potential effect: The Corporation is not in compliance with the terms of the HAP Contracts. Cause: The Corporation did not make deposits of surplus cash into interest bearing accounts for REDI IV and REDI V. Recommendation: The Agent should transfer the residual receipts accounts to interest bearing accounts. Completion date: June 27, 2022 Management response: Agreed. The Agent concurs with the finding and the auditor's recommendation. The Corporation transferred the residual receipts accounts to interest bearing accounts on June 27, 2022.