Finding Text
Finding 2023-001
Criteria
The finding was evaluated from the regulatory and HUD guidelines.
Statement of Condition
The Project did not complete a required deposit timely to the prohibited amenities escrow in 2023.
Cause
The deposit not being completed timely was the result of an oversight.
Effect or Potential Effect
The prohibited amenities escrow was underfunded by $3,971 for the year ended June 30, 2023.
Reporting Views of Responsible Officials
Management has completed the required deposit to the prohibited amenities escrow of $3,971 in September 2023.
Recommendation
We recommend management make timely required deposits to the residual receipts reserve.
Response
Management has completed the required deposit to the prohibited amenities escrow of $3,971 in September 2023.
Repeat finding
This is a repeat finding.