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GUERNSEY COUNTY PORT AUTHORITY AUDIT REPORT JANUARY  Form

GUERNSEY COUNTY PORT AUTHORITY AUDIT REPORT JANUARY Form

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Hello my name is Tanya Schulze, I'm the Regional Inspector General for Audit in Region 9 in Los Angeles, and I'm Vince Mussetter, I'm the Assistant Regional Inspector General for Audit in Los Angeles. Today we are here to talk about our recent Audit of HUD's asset management fees and Central Office Cost Centers. We reviewed this program because of concerns over potential misspending by public housing authorities and the lack of monitoring over the funds. Our objective was to determine if HUD arrived at the asset management fee limits and also whether the methodology for setting those limits and it's monitoring were reasonable. Well Tanya, we found that we cannot support the reasonableness of the fee charges to it's operating fund program. HUD lacked the justification for even allowing housing authorities to charge it's asset management fee, which resulted in approximately $81 million being overcharged annually. Also, HUD did not adequately monitor it's fee charges to the progra

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