Corporacion para el Fomento EcoNmico de la Ciudad Capital, San Juan, Puerto Rico, Did not Administer Its Independent Capital Fund in Accordance with HUD Requirements.

Date Issued

Thursday, September 15, 2005

Submitting OIG

Department of Housing and Urban Development OIG

Agencies Reviewed/Investigated

Department of Housing and Urban Development

Report Number

2005-AT-1013

Report Type

Audit

Agency Wide

Yes

Number of Recommendations

Questioned Costs

Funds for Better Use

Hide this report from display

Yes

Open Recommendations

This report has 2 open recommendations.

Recommendation Number	Significant Recommendation	Recommended Questioned Costs	Recommended Funds for Better Use
2005-AT-1013-002-A	No	$1,011,801	$0
Require the Municipality to obtain and submit all supporting documentation and HUD determine the eligibility and propriety of $1,011,801 in administrative costs the Corporation charged to the Block Grant revolving fund. Any amounts determined ineligible must be reimbursed to the Block Grant program from nonfederal funds.
2005-AT-1013-003-A	No	$631,195	$0
Require the Municipality to obtain and submit all supporting documentation and HUD determine the eligibility and compliance with national objectives of the $631,195 the Corporation disbursed for the four loans. Any amounts determined ineligible must be reimbursed to the Block Grant program from nonfederal funds.