Finding reference number: 2024-001 Assistance Listing title and number (federal award identification and year): Supportive
Housing for the Elderly, Assistance Listing No. 14.157 (Project identification number 114-EE052 and
1999)
Auditor non-compliance code: N – Reserve for Replacements Deposits
Finding resolution status: Resolved
Universe population size: The universe population size is not applicable to the finding.
Sample size information: The sample size is not applicable to the finding.
Statistically valid sample: N/A
Name of Federal Agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $3,300
Statement of Condition 2024-001 (Assistance Listing 14.157): The Corporation did not make
all of the HUD required reserve for replacements deposits for the year ended January 31, 2024.
Criteria: Pursuant to Section 5 of the Regulatory Agreement and Section 2.6 (c) of the PRAC, the
Corporation is required to make monthly deposits to the reserve for replacements fund as required by
HUD.
Effect: The Corporation is not in compliance with the Regulatory Agreement and the PRAC. The reserve
for replacements is underfunded by $3,300 at January 31, 2024.
Cause: Due to a delay in the approval of the PRAC renewal, the required deposit of $3,300 for January
2024 was not made.
Recommendation: Management should transfer $3,300 from the operating cash account to the
reserve for replacements fund.
Completion Date: February 28, 2024
Management Response: Agree. On February 28, 2024, management transferred $3,300 from the operating cash account to the reserve for replacements fund. No further action is required.
Finding reference number: 2024-001 Assistance Listing title and number (federal award identification and year): Supportive
Housing for the Elderly, Assistance Listing No. 14.157 (Project identification number 114-EE052 and
1999)
Auditor non-compliance code: N – Reserve for Replacements Deposits
Finding resolution status: Resolved
Universe population size: The universe population size is not applicable to the finding.
Sample size information: The sample size is not applicable to the finding.
Statistically valid sample: N/A
Name of Federal Agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $3,300
Statement of Condition 2024-001 (Assistance Listing 14.157): The Corporation did not make
all of the HUD required reserve for replacements deposits for the year ended January 31, 2024.
Criteria: Pursuant to Section 5 of the Regulatory Agreement and Section 2.6 (c) of the PRAC, the
Corporation is required to make monthly deposits to the reserve for replacements fund as required by
HUD.
Effect: The Corporation is not in compliance with the Regulatory Agreement and the PRAC. The reserve
for replacements is underfunded by $3,300 at January 31, 2024.
Cause: Due to a delay in the approval of the PRAC renewal, the required deposit of $3,300 for January
2024 was not made.
Recommendation: Management should transfer $3,300 from the operating cash account to the
reserve for replacements fund.
Completion Date: February 28, 2024
Management Response: Agree. On February 28, 2024, management transferred $3,300 from the operating cash account to the reserve for replacements fund. No further action is required.
Finding reference number: 2024-001 Assistance Listing title and number (federal award identification and year): Supportive
Housing for the Elderly, Assistance Listing No. 14.157 (Project identification number 114-EE052 and
1999)
Auditor non-compliance code: N – Reserve for Replacements Deposits
Finding resolution status: Resolved
Universe population size: The universe population size is not applicable to the finding.
Sample size information: The sample size is not applicable to the finding.
Statistically valid sample: N/A
Name of Federal Agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $3,300
Statement of Condition 2024-001 (Assistance Listing 14.157): The Corporation did not make
all of the HUD required reserve for replacements deposits for the year ended January 31, 2024.
Criteria: Pursuant to Section 5 of the Regulatory Agreement and Section 2.6 (c) of the PRAC, the
Corporation is required to make monthly deposits to the reserve for replacements fund as required by
HUD.
Effect: The Corporation is not in compliance with the Regulatory Agreement and the PRAC. The reserve
for replacements is underfunded by $3,300 at January 31, 2024.
Cause: Due to a delay in the approval of the PRAC renewal, the required deposit of $3,300 for January
2024 was not made.
Recommendation: Management should transfer $3,300 from the operating cash account to the
reserve for replacements fund.
Completion Date: February 28, 2024
Management Response: Agree. On February 28, 2024, management transferred $3,300 from the operating cash account to the reserve for replacements fund. No further action is required.
Finding reference number: 2024-001 Assistance Listing title and number (federal award identification and year): Supportive
Housing for the Elderly, Assistance Listing No. 14.157 (Project identification number 114-EE052 and
1999)
Auditor non-compliance code: N – Reserve for Replacements Deposits
Finding resolution status: Resolved
Universe population size: The universe population size is not applicable to the finding.
Sample size information: The sample size is not applicable to the finding.
Statistically valid sample: N/A
Name of Federal Agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $3,300
Statement of Condition 2024-001 (Assistance Listing 14.157): The Corporation did not make
all of the HUD required reserve for replacements deposits for the year ended January 31, 2024.
Criteria: Pursuant to Section 5 of the Regulatory Agreement and Section 2.6 (c) of the PRAC, the
Corporation is required to make monthly deposits to the reserve for replacements fund as required by
HUD.
Effect: The Corporation is not in compliance with the Regulatory Agreement and the PRAC. The reserve
for replacements is underfunded by $3,300 at January 31, 2024.
Cause: Due to a delay in the approval of the PRAC renewal, the required deposit of $3,300 for January
2024 was not made.
Recommendation: Management should transfer $3,300 from the operating cash account to the
reserve for replacements fund.
Completion Date: February 28, 2024
Management Response: Agree. On February 28, 2024, management transferred $3,300 from the operating cash account to the reserve for replacements fund. No further action is required.