FAC Explorer

Finding 8770 (2023-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-01-17
Audit: 12044
Organization: Stroud Manor, Inc. (LA)
Auditor: Gragson Casiday & Guillory LLP

AI Summary

  • Core Issue: Residual receipts of $37,395 were not deposited on time as required by the regulatory agreement.
  • Impacted Requirements: Section 5(c) mandates deposits within sixty days after year-end; the deadline was August 29, 2022.
  • Recommended Follow-Up: Ensure future deposits comply with deadlines to avoid penalties and maintain regulatory compliance.

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 $37,395 was required to be deposited within sixty days after year end, August 29, 2022. This amount was deposited in three payments of $10,810 on September 6, 2022, $25,000 on June 20, 2023, and $1,585 on August 28, 2023. all three payments are 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

  • 585212 2023-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $1.05M
14.195 Section 8 Housing Assistance Payments Program $42,200