Finding Text
Finding #2022-003: Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Babcock North, LP, HUD Project No. 115-11305). Type of Finding: Significant Deficiency. The Project receives Section 8 housing vouchers from San Antonio Housing Authority. Subsidies were received and deposited into a different project?s account totaling $45,629. See Section II for more information. Finding #2022-003: Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Babcock North, LP, HUD Project No. 115-11305) Type of Finding: Significant Deficiency Condition: The Project receives Section 8 housing vouchers from San Antonio Housing Authority. Subsidies were received and deposited into a different project?s account totaling $45,629. Criteria: The HUD regulatory agreement requires project cash receipts be deposited into the project?s bank account. Questioned Costs: $45,629 Effect: The Company is in violation of the compliance requirement of its major federal program. Cause: San Antonio Housing Authority subsidies were sent to the incorrect project?s account. Repeat Finding: No Recommendation: Management should monitor and reconcile the subsidies received to ensure funds are being deposited into the correct Project?s bank account. Management?s Comment: Management is in agreement with finding. Auditor?s Comment: Management will reconcile the cash receipts received monthly. On February 15, 2023, the Project received $45,629 from the affiliate property. CLEARED.