Audit 310491

Assistance Listing No. title and number (federal award identification number and year): Supportive Housing for the Elderly (Assistance Listing No. 14.157, 2024) Auditor non-compliance code: N – Reserve for Replacements Deposits Finding resolution status: Unresolved Universe population size: 12 months of deposits to the reserve for replacement Sample size information: 12 months of deposits to the reserve for replacement Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $236 Statement of condition #2024-001: During the year ended March 31, 2024, deposits to the reserve for replacements account were $236 less than the required amount. Criteria: Pursuant to item 10(b) of the Regulatory Agreement (form HUD-92466), the Corporation shall make monthly deposits into a separate reserve for replacements account. Effect or potential effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. The reserve for replacements account is underfunded by $236 at March 31, 2024. Cause: Management oversight. Recommendation: Management should transfer $236 from the operating account to the reserve for replacements account. Reporting views of responsible officials: Management concurs with the finding and recommendation.

Assistance Listing No. title and number (federal award identification number and year): Supportive Housing for the Elderly (Assistance Listing No. 14.157, 2024) Auditor non-compliance code: N – Reserve for Replacements Deposits Finding resolution status: Unresolved Universe population size: 12 months of deposits to the reserve for replacement Sample size information: 12 months of deposits to the reserve for replacement Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $236 Statement of condition #2024-001: During the year ended March 31, 2024, deposits to the reserve for replacements account were $236 less than the required amount. Criteria: Pursuant to item 10(b) of the Regulatory Agreement (form HUD-92466), the Corporation shall make monthly deposits into a separate reserve for replacements account. Effect or potential effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. The reserve for replacements account is underfunded by $236 at March 31, 2024. Cause: Management oversight. Recommendation: Management should transfer $236 from the operating account to the reserve for replacements account. Reporting views of responsible officials: Management concurs with the finding and recommendation.