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Report Fraud, Waste and Abuse
  • Recommendation Number: 2018-KC-0002-001-B
  • Status: Closed
  • Date Issued: August 07, 2018
Closed Date:
April 22, 2020

Work with Treasury to identify and obtain reimbursement for FHA’s and Ginnie Mae’s portion of the $1.9 million in HUD funds that Treasury collected.

Publication Report

2018-KC-0002 | August 07, 2018

HUD’s Office of the Chief Financial Officer Did Not Locate or Recover Its Funds Held by State Unclaimed Property Administrators

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited HUD because we learned while doing unrelated audit work that funds HUD was entitled to would be turned over to a State as unclaimed property if they were not… more

Related Recommendations

Chief Financial Officer

  •  
    Status
      Open
      Closed
    2018-KC-0002-001-A
    Closed on August 29, 2019

    Designate an unclaimed asset recovery official as required by the Treasury Financial Manual.

  •  
    Status
      Open
      Closed
    2018-KC-0002-001-C
    Closed on March 03, 2020
    $2,156,191.00
    Funds Put to Better Use

    Recommendations that funds be put to better use estimate funds that could be used more efficiently. For example, recommendations that funds be put to better use could result in reductions in spending, deobligation of funds, or avoidance of unnecessary spending.

    Establish and implement policies and procedures to ensure that all of its unclaimed funds are claimed and the money is appropriately routed to put $2.2 million to better use. At a minimum, these policies and procedures should address what constitutes FHA and Ginnie Mae funds, ensure that these funds are returned to FHA or Ginnie Mae as appropriate, and include policies to claim co-owned funds with any appropriate thresholds or limitations.