Finding Text
Assistance Listing No. title and number (federal award identification number and year):
Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects,
Assistance Listing No. 14.134 (Section 207 loan identification number 054-11074, year 2023)
Auditor non-compliance code: B – Failure to make required residual receipt deposit
Finding resolution status: Resolved
Universe population size: N/A
Sample size information: N/A
Name of federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $10,490
Statement of condition #2023-001: The Corporation's required deposit into the residual receipts
account per the December 31, 2022 Computation of Surplus Cash, Distributions and Residual Receipts
of $10,490 was not deposited within 90 days of the fiscal year end.
Criteria: The Corporation is required to deposit in the residual receipts account an amount per the
December 31, 2022 Computation of Surplus Cash, Distributions and Residual Receipts within 90 days
of the fiscal year end.
Effect or potential effect: The Corporation is not in compliance with the terms of the Section 223(f)
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: May 23, 2023
Reporting views of responsible officials: Management concurs with the finding and
recommendation. Management deposited $10,490 into the residual receipts fund on May 23, 2023.
No further action is required.