FAC Explorer

Finding 626142 (2022-001)

-
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-03-23
Audit: 42278
Organization: Parkway Commons Housing Development Fund Company, Inc. - Resch Commons (NY)
Auditor: Freed Maxick CPAS PC

AI Summary

  • Answer: The Project failed to deposit surplus cash into the residual receipts account within the required 90 days after year-end.
  • Trend: Lack of timely deposits indicates a gap in financial controls.
  • List: Implement a control system to ensure timely deposits and maintain compliance with federal regulations.

Finding Text

Assistance Listing Number: Supportive Housing for the Elderly ? 14.157 Criteria: The Project is required to deposit surplus cash, if any, into the residual receipts account within 90 days after year end. Condition: The Project did not timely deposit surplus cash into their residual receipts account. Cause: The Project did not have a control in place to ensure the deposit was made timely. Effect: The Project is not in compliance with federal regulations. Repeat Finding: N/A

Categories

Cash Management HUD Housing Programs Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $2.30M