FAC Explorer

Finding 8769 (2023-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-01-17
Audit: 12043
Organization: Louie Street Apartments, Inc. (LA)
Auditor: Gragson Casiday & Guillory LLP

AI Summary

  • Issue: Late deposit of residual receipts totaling $118,783.58, which should have been made by August 29, 2022.
  • Trend: This noncompliance indicates a pattern of delayed financial reporting and deposit practices.
  • Follow-up: Ensure timely deposits moving forward and review compliance processes to prevent future delays.

Finding Text

Condition - Noncompliance with Capital Advance Program Regulatory Agreement Section 5(c) which requires deposit of residual receipts within sixty days after year end. The June 30, 2022 residual receipts amount of $118,783.58 was required to be deposited within sixty days after year end, August 29, 2022. This amount was deposited on March 23, 2023, which is considered late.

Corrective Action Plan

The corrective action planned is putting controls in place to ensure detection of errors in the calculation of the amount to be deposited to the residual receipts account and to ensure the deposit is made within the time period required.

Categories

Cash Management HUD Housing Programs

Other Findings in this Audit

  • 585211 2023-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $1.37M
14.195 Section 8 Housing Assistance Payments Program $65,321