Finding Text
Condition The Organization failed to make timely required monthly deposits of $1,000 into its replacement reserve account for the months of July, December and April. Criteria The Organization is required by HUD to deposit $1,000 each month into a federally insured account. Cause The Organization has not established a procedure that ensures that the deposit is made on a monthly basis. Effect The required deposit could be late or not made at all. Questioned Costs None Recommendation The Organization should develop procedures which will remind it on a monthly basis to make the deposit in a timely manner. A reminder could be made using a calendar reminder through an email service. Views of Responsible Officials Management agrees with the finding. Federal Agency Programs All Federal programs affected.