Finding 636847 (2022-002)

- Repeat Finding
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-07-26
Audit: 49802
Organization: Windham Housing Corporation (OH)
Auditor: Kevin L Penn INC

AI Summary

  • Core Issue: $77,939 in surplus cash was not deposited into the residual receipts account within the required 60 days after the fiscal year ended.
  • Impacted Requirements: Surplus cash must be deposited into the residual receipts account within 60 days to comply with regulations.
  • Recommended Follow-Up: Ensure timely deposits of surplus cash moving forward; management is currently processing the payment.

Finding Text

Residual Receipts Condition: Surplus cash in the amount of $77,939 was not deposited into the residual receipts account within 60 days after the end of the fiscal year. Criteria: Surplus cash should be deposited into the residual receipts account within 60 days after the end of the fiscal year. Effect: The residual receipts account was not funded within the 60 days requirement. Context: Surplus cash computation was examined to determine whether surplus cash has been deposited into the residual receipts account within 60 days after the end of the fiscal year. The detail and results of the sample are as follows: Context: Population Size Number: 1 Dollar Amount: $77,939. Sample Number: 1 Dollar Amount: $77,939. Items Not in Compliance Number: 1 Dollar Amount: $77,939. Questioned Costs N/A. Cause: Oversight by management. Recommendation: I recommend that surplus cash be deposited into the residual receipts account, within 60 days after the end of the fiscal year. Views of Responsible Officials and Planned Corrective Actions: Payment in process.

Categories

Cash Management HUD Housing Programs Internal Control / Segregation of Duties

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $931,051
14.195 Section 8 Housing Assistance Payments Program $326,533