Finding Text
Finding 2022-001 HUD insured mortgage Section 223(f) Assistance # 14.155 a.Criteria- Surplus cash distributions are allowable semi-annually and are limited to the Computation of Surplus Cash, Distribution and Residual Receipts HUD form and calculation. b.Condition- Parkside Village distributed 9/30/2021 year end surplus cash of $90,943 twice instead of allowable mid-year distribution of $70,740, resulting in an excess mid-year distribution of $20,203 to the Organization instead of retaining those funds with the Project. c. Cause- A cumulative check on year-to-date distributions was not performed. d.Effect- Actual distributions exceeded allowable distributions by $20,203. e.Questioned Costs ? None exceeding $25,000. f.Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required. g. Repeat finding ? No. Questioned Costs ? None exceeding $25,000. Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required.