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 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: $4,110
Statement of condition #2024-001: During the year ended June 30, 2024, the Corporation did
not make the HUD 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 $4,110 at June 30, 2024.
Cause: Management oversight.
Recommendation: Management should transfer $4,110 from the operating account to the reserve
for replacements account.
Management's response: Management concurs with the finding and recommendation. Management
deposited $4,110 to the reserve for replacements account on August 7, 2024. 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 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: $4,110
Statement of condition #2024-001: During the year ended June 30, 2024, the Corporation did
not make the HUD 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 $4,110 at June 30, 2024.
Cause: Management oversight.
Recommendation: Management should transfer $4,110 from the operating account to the reserve
for replacements account.
Management's response: Management concurs with the finding and recommendation. Management
deposited $4,110 to the reserve for replacements account on August 7, 2024. 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 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: $4,110
Statement of condition #2024-001: During the year ended June 30, 2024, the Corporation did
not make the HUD 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 $4,110 at June 30, 2024.
Cause: Management oversight.
Recommendation: Management should transfer $4,110 from the operating account to the reserve
for replacements account.
Management's response: Management concurs with the finding and recommendation. Management
deposited $4,110 to the reserve for replacements account on August 7, 2024. 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 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: $4,110
Statement of condition #2024-001: During the year ended June 30, 2024, the Corporation did
not make the HUD 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 $4,110 at June 30, 2024.
Cause: Management oversight.
Recommendation: Management should transfer $4,110 from the operating account to the reserve
for replacements account.
Management's response: Management concurs with the finding and recommendation. Management
deposited $4,110 to the reserve for replacements account on August 7, 2024. No further action is
required.