Finding Text
S2700-005 Finding Reference Number 2022-01 S2700-006 Finding Resolution Status Unresolved S2700-007 Information on Universal Population Size N/A S2700-008 Sample Size Information N/A S2700-009 Noncompliance Information N/A S2700-010 Statement of Condition As of September 30, 2022 the Corporation failed to make the surplus cash deposit as required by the Regulatory Agreement to the Residual Receipts Reserve Account. S2700-020 Criteria Pursuant to the requirements of the Regulatory Agreement, the Corporation is required to comply with all HUD regulations and other requirements. Including but not limit to the requirement to conduct the "Computation of Surplus Cash, Distributions, and Residual Receipts," to determine amounts due to the Residual Receipts Reserve Account. S2700-030 Effect or Potential Effect The Corporation is not in compliance with the terms of the Regulatory Agreement. Failure to deposit amounts due to the Residual Receipts Reserve Account may negatively impact the Corporation's capital resources. S2700-040 Cause The Corporation failed to deposit funds due to the Residual Receipt Reserve Account. S2700-050 Recommendation The Corporation should deposit amounts due to the Residual Receipts Account within a timely manor of the audit report issuance date. S2700-055 Auditor Non-Compliance Code P. Investment of Residual Receipts S2700-065 Amount of Questioned Costs $112,033 S2700-100 Reporting Views of Responsible Officials Agrees S2700-070 Concur or Do Not Concur with this Finding Concurs S2700-075 Agree or Disagree with auditor recommendations Agrees S2700-080 Completion Date or Proposed Completion Date September 30, 2023 S2700-090 Actions Taken or Planned on the Finding The Corporation intends on complying with the requirements established by the Regulatory Agreement.