Finding Text
Finding 2022-002 ? Insufficient Collateralization of Deposits (Other Matter) Public Housing Program ? Assistance Listing No. 14.850a, Grant Period: Fiscal Year-End June 30, 2022 Criteria HUD PIH Notice 96-33 requires PHA?s to continuously and fully secure all bank deposits which exceed federally-insured balances. Condition, Cause and Perspective As of June 30, 2022, the Authority?s bank deposit balances were under-collateralized by $34,757. Questioned Costs ? None Effect Non-compliance with HUD PIH Notice 96-33. Recommendation We recommend that the Authority monitor security over bank deposits regularly. Management?s Response The Authority will monitor security over bank deposits regularly. The Authority?s Executive Director, Africa Porter, has assumed the responsibility of executing this corrective action as of April 1, 2023.