Audit 320903

Finding reference number: #2024-001 Assistance Listing (Federal award identification number and year): Supportive Housing for Persons with Disabilities (Assistance Listing No. 14.181, 2024) Auditor non-compliance code: N – Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: 12 months of deposits to the reserve for replacements Sample size information: 12 months of deposits to the reserve for replacements Name of Federal agency: U.S. Departments of Housing and Urban Development Pass-through entity: N/A Questioned costs: $548 Statement of condition #2024-001: During the year ended June 30, 2024, the Corporation did not make the required number of deposits to the reserve for replacements. 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: The Corporation is not in compliance with the terms of the Regulatory Agreement. The reserve for replacements account is underfunded by $548 at June 30, 2024. Cause: Management oversight. Recommendation: Management should transfer $548 from the operating account to the reserve for replacements account. Management's response: Management concurs with the finding and recommendation. On August 28, 2024, management transferred $548 to the reserve for replacements account. No further action is required.

Finding reference number: #2024-001 Assistance Listing (Federal award identification number and year): Supportive Housing for Persons with Disabilities (Assistance Listing No. 14.181, 2024) Auditor non-compliance code: N – Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: 12 months of deposits to the reserve for replacements Sample size information: 12 months of deposits to the reserve for replacements Name of Federal agency: U.S. Departments of Housing and Urban Development Pass-through entity: N/A Questioned costs: $548 Statement of condition #2024-001: During the year ended June 30, 2024, the Corporation did not make the required number of deposits to the reserve for replacements. 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: The Corporation is not in compliance with the terms of the Regulatory Agreement. The reserve for replacements account is underfunded by $548 at June 30, 2024. Cause: Management oversight. Recommendation: Management should transfer $548 from the operating account to the reserve for replacements account. Management's response: Management concurs with the finding and recommendation. On August 28, 2024, management transferred $548 to the reserve for replacements account. No further action is required.

Finding reference number: #2024-001 Assistance Listing (Federal award identification number and year): Supportive Housing for Persons with Disabilities (Assistance Listing No. 14.181, 2024) Auditor non-compliance code: N – Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: 12 months of deposits to the reserve for replacements Sample size information: 12 months of deposits to the reserve for replacements Name of Federal agency: U.S. Departments of Housing and Urban Development Pass-through entity: N/A Questioned costs: $548 Statement of condition #2024-001: During the year ended June 30, 2024, the Corporation did not make the required number of deposits to the reserve for replacements. 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: The Corporation is not in compliance with the terms of the Regulatory Agreement. The reserve for replacements account is underfunded by $548 at June 30, 2024. Cause: Management oversight. Recommendation: Management should transfer $548 from the operating account to the reserve for replacements account. Management's response: Management concurs with the finding and recommendation. On August 28, 2024, management transferred $548 to the reserve for replacements account. No further action is required.

Finding reference number: #2024-001 Assistance Listing (Federal award identification number and year): Supportive Housing for Persons with Disabilities (Assistance Listing No. 14.181, 2024) Auditor non-compliance code: N – Reserve for Replacements Deposits Finding resolution status: Resolved Universe population size: 12 months of deposits to the reserve for replacements Sample size information: 12 months of deposits to the reserve for replacements Name of Federal agency: U.S. Departments of Housing and Urban Development Pass-through entity: N/A Questioned costs: $548 Statement of condition #2024-001: During the year ended June 30, 2024, the Corporation did not make the required number of deposits to the reserve for replacements. 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: The Corporation is not in compliance with the terms of the Regulatory Agreement. The reserve for replacements account is underfunded by $548 at June 30, 2024. Cause: Management oversight. Recommendation: Management should transfer $548 from the operating account to the reserve for replacements account. Management's response: Management concurs with the finding and recommendation. On August 28, 2024, management transferred $548 to the reserve for replacements account. No further action is required.