Finding Text
Finding #2022-002: Section 202 Capital Advance, CFDA 14.157 Condition: Under terms of the HUD regulatory agreement, the Company is required to deposit excess rent into the residual receipt account. The Company did not deposit excess rent of $120. Criteria: The HUD regulatory agreement requires the Company to deposits excess rent into the residual receipt account. Effect: The Company is in violation of its Regulatory Agreement. Questioned Cost: $120 Cause: Oversight Recommendation: We recommend the Company deposit $120 into the residual receipts account. Further, we recommend the Company review the regulatory agreement to ensure compliance. Auditor?s Comment: On March 28, 2023, the Company deposited $120 into the residual receipts account. Finding 2022-002 Cleared.