Finding 2022-001 ? Special Tests and Provisions ? Reserve for Replacement Federal program information: Title: Section 811 Capital Advance CFDA Number: 14.181 Resolution Status: Resolved Information on Universe Population Size: Population size is the total amount in the Reserve for Replacement account at year-end, June 30, 2022. Sample Size Information: Reserve for Replacement ending balance at June 30, 2022. Identification of Repeat Finding and Finding Reference Number: This is a new finding. Criteria: Total cash of $3,552 was required to be deposited into the Reserve for Replacement account by June 30, 2022. Statement of Condition: As of June 30, 2022, the Reserve for Replacement only had $1,480 deposited during the year. Cause: Management did not meet the annual funding requirement for the Reserve for Replacement account. Effect or Potential Effect: The project was not in compliance with the Capital Advance and current HUD regulations, the project?s Reserve for Replacement was under-funded for the current year by $2,072. Auditor Non-Compliance Code: N Questioned Cost: $2,072 Reporting Views of Responsible Officials: Management agrees with the Reserve for Replacement calculations and is aware of the current deposit required to the Reserve for Replacement. Recommendation: Management should implement internal controls to make any required deposits before the year-end deadline. Auditor?s Summary of Auditee?s Comments on the Findings and Recommendations: Management transferred $1,776 on 9/20/2022 but still owes $296 to the Reserve for Replacement account as of September 23, 2022 due to insufficient funds. This finding is therefore, unresolved. Completion Date: n/a Response: Management transferred $1,776 on 9/20/2022 bust still owes $296 to the Reserve for Replacement account as of September 23, 2022 due to insufficient funds. The rest of the funds will be transferred as soon as cash flow allows.
Finding 2022-001 ? Special Tests and Provisions ? Reserve for Replacement Federal program information: Title: Section 811 Capital Advance CFDA Number: 14.181 Resolution Status: Resolved Information on Universe Population Size: Population size is the total amount in the Reserve for Replacement account at year-end, June 30, 2022. Sample Size Information: Reserve for Replacement ending balance at June 30, 2022. Identification of Repeat Finding and Finding Reference Number: This is a new finding. Criteria: Total cash of $3,552 was required to be deposited into the Reserve for Replacement account by June 30, 2022. Statement of Condition: As of June 30, 2022, the Reserve for Replacement only had $1,480 deposited during the year. Cause: Management did not meet the annual funding requirement for the Reserve for Replacement account. Effect or Potential Effect: The project was not in compliance with the Capital Advance and current HUD regulations, the project?s Reserve for Replacement was under-funded for the current year by $2,072. Auditor Non-Compliance Code: N Questioned Cost: $2,072 Reporting Views of Responsible Officials: Management agrees with the Reserve for Replacement calculations and is aware of the current deposit required to the Reserve for Replacement. Recommendation: Management should implement internal controls to make any required deposits before the year-end deadline. Auditor?s Summary of Auditee?s Comments on the Findings and Recommendations: Management transferred $1,776 on 9/20/2022 but still owes $296 to the Reserve for Replacement account as of September 23, 2022 due to insufficient funds. This finding is therefore, unresolved. Completion Date: n/a Response: Management transferred $1,776 on 9/20/2022 bust still owes $296 to the Reserve for Replacement account as of September 23, 2022 due to insufficient funds. The rest of the funds will be transferred as soon as cash flow allows.
Finding 2022-001 ? Special Tests and Provisions ? Reserve for Replacement Federal program information: Title: Section 811 Capital Advance CFDA Number: 14.181 Resolution Status: Resolved Information on Universe Population Size: Population size is the total amount in the Reserve for Replacement account at year-end, June 30, 2022. Sample Size Information: Reserve for Replacement ending balance at June 30, 2022. Identification of Repeat Finding and Finding Reference Number: This is a new finding. Criteria: Total cash of $3,552 was required to be deposited into the Reserve for Replacement account by June 30, 2022. Statement of Condition: As of June 30, 2022, the Reserve for Replacement only had $1,480 deposited during the year. Cause: Management did not meet the annual funding requirement for the Reserve for Replacement account. Effect or Potential Effect: The project was not in compliance with the Capital Advance and current HUD regulations, the project?s Reserve for Replacement was under-funded for the current year by $2,072. Auditor Non-Compliance Code: N Questioned Cost: $2,072 Reporting Views of Responsible Officials: Management agrees with the Reserve for Replacement calculations and is aware of the current deposit required to the Reserve for Replacement. Recommendation: Management should implement internal controls to make any required deposits before the year-end deadline. Auditor?s Summary of Auditee?s Comments on the Findings and Recommendations: Management transferred $1,776 on 9/20/2022 but still owes $296 to the Reserve for Replacement account as of September 23, 2022 due to insufficient funds. This finding is therefore, unresolved. Completion Date: n/a Response: Management transferred $1,776 on 9/20/2022 bust still owes $296 to the Reserve for Replacement account as of September 23, 2022 due to insufficient funds. The rest of the funds will be transferred as soon as cash flow allows.
Finding 2022-001 ? Special Tests and Provisions ? Reserve for Replacement Federal program information: Title: Section 811 Capital Advance CFDA Number: 14.181 Resolution Status: Resolved Information on Universe Population Size: Population size is the total amount in the Reserve for Replacement account at year-end, June 30, 2022. Sample Size Information: Reserve for Replacement ending balance at June 30, 2022. Identification of Repeat Finding and Finding Reference Number: This is a new finding. Criteria: Total cash of $3,552 was required to be deposited into the Reserve for Replacement account by June 30, 2022. Statement of Condition: As of June 30, 2022, the Reserve for Replacement only had $1,480 deposited during the year. Cause: Management did not meet the annual funding requirement for the Reserve for Replacement account. Effect or Potential Effect: The project was not in compliance with the Capital Advance and current HUD regulations, the project?s Reserve for Replacement was under-funded for the current year by $2,072. Auditor Non-Compliance Code: N Questioned Cost: $2,072 Reporting Views of Responsible Officials: Management agrees with the Reserve for Replacement calculations and is aware of the current deposit required to the Reserve for Replacement. Recommendation: Management should implement internal controls to make any required deposits before the year-end deadline. Auditor?s Summary of Auditee?s Comments on the Findings and Recommendations: Management transferred $1,776 on 9/20/2022 but still owes $296 to the Reserve for Replacement account as of September 23, 2022 due to insufficient funds. This finding is therefore, unresolved. Completion Date: n/a Response: Management transferred $1,776 on 9/20/2022 bust still owes $296 to the Reserve for Replacement account as of September 23, 2022 due to insufficient funds. The rest of the funds will be transferred as soon as cash flow allows.