Finding Text
Statement of condition #2022-002: The required deposit of $15,276, per the July 31, 2021 Computation of Surplus Cash, Distributions and Residual Receipts, was not deposited into the residual receipts fund within 90 days of fiscal year end. Criteria: The Regulatory Agreement requires Surplus Cash, as defined by HUD, to be deposited into a separate residual receipts fund within 90 days of the fiscal year end. Effect: The Corporation was not in compliance with the Regulatory Agreement. Cause: Management did not make the required deposit to the residual receipts fund within 90 days of fiscal year end based on the Computation of Surplus Cash, Distributions and Residual Receipts as of July 31, 2021. Recommendation: Management should monitor the Surplus Cash position and make required deposits to the residual receipts fund within 90 days of fiscal year end. Completion date: May 31, 2022 Management's response: Management concurs with the finding and agrees with the recommendation. Management deposited the $15,276 to the residual receipts fund on May 31, 2022. No further action is required.