FAC Explorer

Finding 961151 (2023-002)

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Requirement
P
Questioned Costs
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Year
2023
Accepted
2024-03-26
Audit: 297826
Organization: St. Anne Residence (IL)
Auditor: Cliftonlarsonallen LLP

AI Summary

  • Issue: Security deposit liabilities exceeded the cash balance in the security deposit account as of June 30, 2023.
  • Requirement: HUD mandates that security deposits must be kept in a separate bank account that matches or exceeds the liabilities.
  • Follow-up: Address employee turnover and staffing issues in accounting to ensure compliance with HUD requirements moving forward.

Finding Text

Type of Finding: Other Matter. Condition: Duringthe year ended June 30, 2023, the security deposit liabiliteis exceded the balance of the security deposit cash account. Criteria or Specific Requirement: HUD requires that security deposits be maintained in a separate bank account which is equal to or greater than the amount of security depoist liabilities. Cause: Employee turnover and staff shortages in the accounting department. Effect: The Project is not in compliance with HUD requirements. Repeat Finding: No

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $3.10M
14.195 Section 8 Housing Assistance Payments Program $231,239