Finding Text
Conditions and Criteria: Security deposits are required to be refunded within 30 days of tenant’s move-out date in the appropriate amount. For one item out of two tested, we noted that a tenant moved out April 1, 2023 and the refund was not issued until September 15, 2023. Effect: The tenant did not receive their security deposit refund within 30 days of move-out. Cause: This occurred due to oversight at the property level. Auditors Recommendation: While the refund was given, we do however, recommend that security deposit refunds be returned within 30 days of move-out. Management’s Response: Management has implemented steps to ensure that future security deposit refunds are made within the 30-day requirement.