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: $1,000
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 $1,000 at June 30, 2024.
Cause: Management oversight.
Recommendation: Management should transfer $1,000 from the operating account to the reserve
for replacements account.
Management's response: Management concurs with the finding and recommendation. Management deposited $1,000 to the reserve for replacements account on August 28, 2024. No further action is required.
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: $1,000
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 $1,000 at June 30, 2024.
Cause: Management oversight.
Recommendation: Management should transfer $1,000 from the operating account to the reserve
for replacements account.
Management's response: Management concurs with the finding and recommendation. Management deposited $1,000 to the reserve for replacements account on August 28, 2024. No further action is required.
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: $1,000
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 $1,000 at June 30, 2024.
Cause: Management oversight.
Recommendation: Management should transfer $1,000 from the operating account to the reserve
for replacements account.
Management's response: Management concurs with the finding and recommendation. Management deposited $1,000 to the reserve for replacements account on August 28, 2024. No further action is required.
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: $1,000
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 $1,000 at June 30, 2024.
Cause: Management oversight.
Recommendation: Management should transfer $1,000 from the operating account to the reserve
for replacements account.
Management's response: Management concurs with the finding and recommendation. Management deposited $1,000 to the reserve for replacements account on August 28, 2024. No further action is required.