As a result of our audit, we proposed ten (10) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas such as cash, prepaid insurance, fixed assets, accumulated depreciation, accrued expenses, finance lease obligation, note payable, and expenses.
As a result of our audit, we proposed ten (10) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas such as cash, prepaid insurance, fixed assets, accumulated depreciation, accrued expenses, finance lease obligation, note payable, and expenses.
During our cash testing, we noted that on December 11, 2023, there was a bank transfer of $1,000 to an unknown reserve line. On January 15, 2024, the Management Agent Controller conducted an inquiry and contacted the Vice President of the Corporation's Board of Directors to contact the bank to determine if this transaction was fraudulent. Per the audit financials, this transaction is recorded as a deposit in transit in the cash operating account until the bank investigation is completed.
During our testing of tenants’ Eligibility, the Project did not complete the recertification process for the following tenants:
During our testing of tenants’ Eligibility, the Project did not complete the recertification process for the following tenants:
During our testing of tenants’ Eligibility, the Project did not complete the recertification process for the following tenants:
During the testing of certification of move-in for Sprouts, Tracey, Unit# 016C, Move-in Date 12/18/2023, the following exception was noted:
A. The EIV was not obtained within 90 days of move-in.
B. Form HUD 9887 Verification of Information Provided by Applicant and Tenant of Assisted Housing is not signed.
C. Form HUD 9887 A Applicant/Tenant’s Consent to the Release of Information was not signed.
D. Citizen Declaration Form was blank in the tenant’s file.
E. The utility allowance stated on the lease and Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
F. Direct debit card was not verified.
During the testing of certification of move-in for Sprouts, Tracey, Unit# 016C, Move-in Date 12/18/2023, the following exception was noted:
A. The EIV was not obtained within 90 days of move-in.
B. Form HUD 9887 Verification of Information Provided by Applicant and Tenant of Assisted Housing is not signed.
C. Form HUD 9887 A Applicant/Tenant’s Consent to the Release of Information was not signed.
D. Citizen Declaration Form was blank in the tenant’s file.
E. The utility allowance stated on the lease and Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
F. Direct debit card was not verified.
During the testing of certification of move-in for Sprouts, Tracey, Unit# 016C, Move-in Date 12/18/2023, the following exception was noted:
A. The EIV was not obtained within 90 days of move-in.
B. Form HUD 9887 Verification of Information Provided by Applicant and Tenant of Assisted Housing is not signed.
C. Form HUD 9887 A Applicant/Tenant’s Consent to the Release of Information was not signed.
D. Citizen Declaration Form was blank in the tenant’s file.
E. The utility allowance stated on the lease and Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
F. Direct debit card was not verified.
During the testing of recertification of Land, Clarisa, Unit# 013A Move-in Date 5/1/2022, Recertification Date 7/1/2023, the following exception was noted:
A. The lease amendment was signed, but a new lease was not issued.
B. The utility allowance stated in Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
During the testing of recertification of Land, Clarisa, Unit# 013A Move-in Date 5/1/2022, Recertification Date 7/1/2023, the following exception was noted:
A. The lease amendment was signed, but a new lease was not issued.
B. The utility allowance stated in Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
During the testing of recertification of Land, Clarisa, Unit# 013A Move-in Date 5/1/2022, Recertification Date 7/1/2023, the following exception was noted:
A. The lease amendment was signed, but a new lease was not issued.
B. The utility allowance stated in Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
During our testing of Tenant Move-in, we noted that prorate of tenant rent was not performed for the following:
During our testing of Tenant Move-in, we noted that prorate of tenant rent was not performed for the following:
During our testing of Tenant Move-in, we noted that prorate of tenant rent was not performed for the following:
During the testing of the move-out of Cooner, Rochelle, Unit#012C, Move-out Date 4/27/2023, the move-out inspection was not performed.
During the testing of the move-out of Cooner, Rochelle, Unit#012C, Move-out Date 4/27/2023, the move-out inspection was not performed.
During the testing of the move-out of Cooner, Rochelle, Unit#012C, Move-out Date 4/27/2023, the move-out inspection was not performed.
During the testing of work orders, the Project could not provide a detailed schedule for work orders and/or work orders for the period of January 1, 2023, through December 31, 2023, for testing.
During the testing of work orders, the Project could not provide a detailed schedule for work orders and/or work orders for the period of January 1, 2023, through December 31, 2023, for testing.
During the testing of work orders, the Project could not provide a detailed schedule for work orders and/or work orders for the period of January 1, 2023, through December 31, 2023, for testing.
As a result of our audit, we proposed ten (10) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas such as cash, prepaid insurance, fixed assets, accumulated depreciation, accrued expenses, finance lease obligation, note payable, and expenses.
As a result of our audit, we proposed ten (10) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas such as cash, prepaid insurance, fixed assets, accumulated depreciation, accrued expenses, finance lease obligation, note payable, and expenses.
During our cash testing, we noted that on December 11, 2023, there was a bank transfer of $1,000 to an unknown reserve line. On January 15, 2024, the Management Agent Controller conducted an inquiry and contacted the Vice President of the Corporation's Board of Directors to contact the bank to determine if this transaction was fraudulent. Per the audit financials, this transaction is recorded as a deposit in transit in the cash operating account until the bank investigation is completed.
During our testing of tenants’ Eligibility, the Project did not complete the recertification process for the following tenants:
During our testing of tenants’ Eligibility, the Project did not complete the recertification process for the following tenants:
During our testing of tenants’ Eligibility, the Project did not complete the recertification process for the following tenants:
During the testing of certification of move-in for Sprouts, Tracey, Unit# 016C, Move-in Date 12/18/2023, the following exception was noted:
A. The EIV was not obtained within 90 days of move-in.
B. Form HUD 9887 Verification of Information Provided by Applicant and Tenant of Assisted Housing is not signed.
C. Form HUD 9887 A Applicant/Tenant’s Consent to the Release of Information was not signed.
D. Citizen Declaration Form was blank in the tenant’s file.
E. The utility allowance stated on the lease and Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
F. Direct debit card was not verified.
During the testing of certification of move-in for Sprouts, Tracey, Unit# 016C, Move-in Date 12/18/2023, the following exception was noted:
A. The EIV was not obtained within 90 days of move-in.
B. Form HUD 9887 Verification of Information Provided by Applicant and Tenant of Assisted Housing is not signed.
C. Form HUD 9887 A Applicant/Tenant’s Consent to the Release of Information was not signed.
D. Citizen Declaration Form was blank in the tenant’s file.
E. The utility allowance stated on the lease and Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
F. Direct debit card was not verified.
During the testing of certification of move-in for Sprouts, Tracey, Unit# 016C, Move-in Date 12/18/2023, the following exception was noted:
A. The EIV was not obtained within 90 days of move-in.
B. Form HUD 9887 Verification of Information Provided by Applicant and Tenant of Assisted Housing is not signed.
C. Form HUD 9887 A Applicant/Tenant’s Consent to the Release of Information was not signed.
D. Citizen Declaration Form was blank in the tenant’s file.
E. The utility allowance stated on the lease and Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
F. Direct debit card was not verified.
During the testing of recertification of Land, Clarisa, Unit# 013A Move-in Date 5/1/2022, Recertification Date 7/1/2023, the following exception was noted:
A. The lease amendment was signed, but a new lease was not issued.
B. The utility allowance stated in Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
During the testing of recertification of Land, Clarisa, Unit# 013A Move-in Date 5/1/2022, Recertification Date 7/1/2023, the following exception was noted:
A. The lease amendment was signed, but a new lease was not issued.
B. The utility allowance stated in Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
During the testing of recertification of Land, Clarisa, Unit# 013A Move-in Date 5/1/2022, Recertification Date 7/1/2023, the following exception was noted:
A. The lease amendment was signed, but a new lease was not issued.
B. The utility allowance stated in Form HUD 50059 was $101, not the utility allowance effective June 9, 2023, for $99.00.
During our testing of Tenant Move-in, we noted that prorate of tenant rent was not performed for the following:
During our testing of Tenant Move-in, we noted that prorate of tenant rent was not performed for the following:
During our testing of Tenant Move-in, we noted that prorate of tenant rent was not performed for the following:
During the testing of the move-out of Cooner, Rochelle, Unit#012C, Move-out Date 4/27/2023, the move-out inspection was not performed.
During the testing of the move-out of Cooner, Rochelle, Unit#012C, Move-out Date 4/27/2023, the move-out inspection was not performed.
During the testing of the move-out of Cooner, Rochelle, Unit#012C, Move-out Date 4/27/2023, the move-out inspection was not performed.
During the testing of work orders, the Project could not provide a detailed schedule for work orders and/or work orders for the period of January 1, 2023, through December 31, 2023, for testing.
During the testing of work orders, the Project could not provide a detailed schedule for work orders and/or work orders for the period of January 1, 2023, through December 31, 2023, for testing.
During the testing of work orders, the Project could not provide a detailed schedule for work orders and/or work orders for the period of January 1, 2023, through December 31, 2023, for testing.