Finding 947851 (2023-001)

Finding No. 2023 – 001: Failure to remit excess residual receipts to HUD by the date required, ALN #14.157 The Project did not remit excess residual receipts in the amount of $525 to HUD by the date required. Criteria: Excess residual receipts are required to be remitted to HUD by the PRAC renewal of expiration date. Cause of Condition: The management agent did not have systems in place to ensure timely remittance of the excess residual receipts funds. Recommendation: Auditor recommends management remit the excess residual receipts in the amount of $525 to HUD and implement systems to ensure future excess residual receipts are either remitted to HUD or requested to be withdrawn for approved expenses no later than the respective PRAC renewal or expiration date.