Condition - The reserve for replacements account is underfunded by $6,000 for the year ended December 31, 2023.
Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $3,000 in a reserve for replacements account on a monthly basis.
Effect - The Company was not in compliance with the above HUD regulations.
Cause - The reserve for replacements account was not adequately funded during the year.
Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample.
Repeat Finding - This is a repeat of finding 2022-001 from the prior year.
Recommendation - We recommend that the delinquent deposit totaling $6,000 for the year ended December 31, 2023 be deposited into the reserve for replacements account as soon as possible.
Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.
(b) Action taken: Management will deposit the underfunded amount of $6,000 into the reserve for replacements account during August 2024.
Condition - The surplus cash for the year ended December 31, 2022 in the amount of $11,218 was not deposited into the residual receipts account during the year ended December 31, 2023.
Criteria - Non-profit owners and owners of limited distribution projects shall establish a residual receipts account and make deposits into the account within 90 days after the close of the fiscal year in accordance with compliance requirements associated with Assistance Listing Number 14,157 - Supportive Housing for the Elderly.
Effect - The Company is not in compliance with the above HUD regulations.
Cause - Surplus cash was not deposited into the residual receipts account.
Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample.
Recommendation - We recommend that the surplus cash in the amount of $11,218 be deposited in to the residual receipts account as soon as possible.
Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.
(b) Action taken: Management will deposit the surplus cash in the amount of $11,218 into the residual receipts account during August 2024.
Condition - The reserve for replacements account is underfunded by $6,000 for the year ended December 31, 2023.
Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $3,000 in a reserve for replacements account on a monthly basis.
Effect - The Company was not in compliance with the above HUD regulations.
Cause - The reserve for replacements account was not adequately funded during the year.
Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample.
Repeat Finding - This is a repeat of finding 2022-001 from the prior year.
Recommendation - We recommend that the delinquent deposit totaling $6,000 for the year ended December 31, 2023 be deposited into the reserve for replacements account as soon as possible.
Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.
(b) Action taken: Management will deposit the underfunded amount of $6,000 into the reserve for replacements account during August 2024.
Condition - The surplus cash for the year ended December 31, 2022 in the amount of $11,218 was not deposited into the residual receipts account during the year ended December 31, 2023.
Criteria - Non-profit owners and owners of limited distribution projects shall establish a residual receipts account and make deposits into the account within 90 days after the close of the fiscal year in accordance with compliance requirements associated with Assistance Listing Number 14,157 - Supportive Housing for the Elderly.
Effect - The Company is not in compliance with the above HUD regulations.
Cause - Surplus cash was not deposited into the residual receipts account.
Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample.
Recommendation - We recommend that the surplus cash in the amount of $11,218 be deposited in to the residual receipts account as soon as possible.
Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.
(b) Action taken: Management will deposit the surplus cash in the amount of $11,218 into the residual receipts account during August 2024.
Condition - The reserve for replacements account is underfunded by $6,000 for the year ended December 31, 2023.
Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $3,000 in a reserve for replacements account on a monthly basis.
Effect - The Company was not in compliance with the above HUD regulations.
Cause - The reserve for replacements account was not adequately funded during the year.
Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample.
Repeat Finding - This is a repeat of finding 2022-001 from the prior year.
Recommendation - We recommend that the delinquent deposit totaling $6,000 for the year ended December 31, 2023 be deposited into the reserve for replacements account as soon as possible.
Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.
(b) Action taken: Management will deposit the underfunded amount of $6,000 into the reserve for replacements account during August 2024.
Condition - The surplus cash for the year ended December 31, 2022 in the amount of $11,218 was not deposited into the residual receipts account during the year ended December 31, 2023.
Criteria - Non-profit owners and owners of limited distribution projects shall establish a residual receipts account and make deposits into the account within 90 days after the close of the fiscal year in accordance with compliance requirements associated with Assistance Listing Number 14,157 - Supportive Housing for the Elderly.
Effect - The Company is not in compliance with the above HUD regulations.
Cause - Surplus cash was not deposited into the residual receipts account.
Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample.
Recommendation - We recommend that the surplus cash in the amount of $11,218 be deposited in to the residual receipts account as soon as possible.
Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.
(b) Action taken: Management will deposit the surplus cash in the amount of $11,218 into the residual receipts account during August 2024.
Condition - The reserve for replacements account is underfunded by $6,000 for the year ended December 31, 2023.
Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $3,000 in a reserve for replacements account on a monthly basis.
Effect - The Company was not in compliance with the above HUD regulations.
Cause - The reserve for replacements account was not adequately funded during the year.
Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample.
Repeat Finding - This is a repeat of finding 2022-001 from the prior year.
Recommendation - We recommend that the delinquent deposit totaling $6,000 for the year ended December 31, 2023 be deposited into the reserve for replacements account as soon as possible.
Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.
(b) Action taken: Management will deposit the underfunded amount of $6,000 into the reserve for replacements account during August 2024.
Condition - The surplus cash for the year ended December 31, 2022 in the amount of $11,218 was not deposited into the residual receipts account during the year ended December 31, 2023.
Criteria - Non-profit owners and owners of limited distribution projects shall establish a residual receipts account and make deposits into the account within 90 days after the close of the fiscal year in accordance with compliance requirements associated with Assistance Listing Number 14,157 - Supportive Housing for the Elderly.
Effect - The Company is not in compliance with the above HUD regulations.
Cause - Surplus cash was not deposited into the residual receipts account.
Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample.
Recommendation - We recommend that the surplus cash in the amount of $11,218 be deposited in to the residual receipts account as soon as possible.
Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.
(b) Action taken: Management will deposit the surplus cash in the amount of $11,218 into the residual receipts account during August 2024.