Finding Text
Assistance Listing title and number (federal award identification and year): Section 207
pursuant to Section 223(f) of the National Housing Act, Assistance Listing No. 14.134 (Project
identification number 054-11075, year 2023)
Auditor non-compliance code: B - Failure to make required residual receipt deposit.
Finding resolution status: Resolved.
Universe population size: The universe population size is not applicable to the finding.
Sample size information: The sample size is not applicable to the finding.
Statistically valid sample: Not applicable.
Name of Federal Agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $19,539
Statement of condition #2023-001 (Assistance Listing No. 14.134): The Corporation's required
deposit into the residual receipts account per the December 31, 2022 Computation of Surplus Cash,
Distributions and Residual Receipts of $19,539 was not deposited within 90 days of the fiscal year
end.
Criteria: Pursuant to the HUD Regulatory Agreement, surplus cash is required to be deposited into a
separate residual receipts fund within 90 days after the fiscal year end.
Effect: The Corporation is not in compliance with the terms of the HUD Regulatory Agreement.
Cause: Management oversight.
Recommendation: Management should make all required residual receipts deposits per the annual
Computation of Surplus Cash, Distributions and Residual Receipts within 90 days after the fiscal year
end.
Completion date: November 30, 2023
Management Response: Agree. Management deposited $19,539 into the residual receipts fund on
November 30, 2023. No further action is required.