As a result of our audit, we proposed eight (8) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments proposed were material to the financial statements. Adjustments were necessary for basis areas of accumulated depreciation, PPP loan, and expenses.
As a result of our audit, we proposed eight (8) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments proposed were material to the financial statements. Adjustments were necessary for basis areas of accumulated depreciation, PPP loan, and expenses.
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in from the following tenants:
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in from the following tenants:
During our testing of Tenant Move-out, the move-out inspection was not performed for the following tenants:
During our testing of Tenant Move-out, the move-out inspection was not performed for the following tenants:
During our testing of Tenant Move-out, the following tenants were not provided an itemized list :
During our testing of Tenant Move-out, the following tenants were not provided an itemized list :
During our testing of Housing Quality Standards, we were told that an annual
inspection was not performed in 2023.
During our testing of Tenant Eligibility, we noted the following:
During our testing of Tenant Eligibility, we noted the following:
The Corporation entered into Paycheck Protection Program Loans (PPP) for $49,775 through Cross River Bank (the Lender). The Lender has charged off the PPP loan, and the SBA purchased it. The Corporation is still liable for the PPP Loan. Due to the PPP loan not being approved by HUD, the payment of principal and interest cannot be made with current Project funds. Therefore, a PPP loan is an Unauthorized Acquisition of Liabilities.
In the prior years, the Corporation owed the project $18,561 for overpayment of the management fee—$9,626 and other advances—$8,935. Per audit compliance procedures, the Due to Owner was not approved by HUD and is considered a finding.. The balance due as of 12/31/2023 is $12,526.95.
The Management Agent’s Certification approved by HUD on 2/22/2022 per page 1 of 4 1(2) Fees: stated the following: a) 6.09 % of residential income collected;b) 0% of commercial income collected;c) 0% of miscellaneous income collected.However, the Management Agent charged the Project 6.09% of miscellaneous income collected fees for December 2023, totaling $16.32.
As a result of our audit, we proposed eight (8) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments proposed were material to the financial statements. Adjustments were necessary for basis areas of accumulated depreciation, PPP loan, and expenses.
As a result of our audit, we proposed eight (8) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments proposed were material to the financial statements. Adjustments were necessary for basis areas of accumulated depreciation, PPP loan, and expenses.
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in from the following tenants:
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in from the following tenants:
During our testing of Tenant Move-out, the move-out inspection was not performed for the following tenants:
During our testing of Tenant Move-out, the move-out inspection was not performed for the following tenants:
During our testing of Tenant Move-out, the following tenants were not provided an itemized list :
During our testing of Tenant Move-out, the following tenants were not provided an itemized list :
During our testing of Housing Quality Standards, we were told that an annual
inspection was not performed in 2023.
During our testing of Tenant Eligibility, we noted the following:
During our testing of Tenant Eligibility, we noted the following:
The Corporation entered into Paycheck Protection Program Loans (PPP) for $49,775 through Cross River Bank (the Lender). The Lender has charged off the PPP loan, and the SBA purchased it. The Corporation is still liable for the PPP Loan. Due to the PPP loan not being approved by HUD, the payment of principal and interest cannot be made with current Project funds. Therefore, a PPP loan is an Unauthorized Acquisition of Liabilities.
In the prior years, the Corporation owed the project $18,561 for overpayment of the management fee—$9,626 and other advances—$8,935. Per audit compliance procedures, the Due to Owner was not approved by HUD and is considered a finding.. The balance due as of 12/31/2023 is $12,526.95.
The Management Agent’s Certification approved by HUD on 2/22/2022 per page 1 of 4 1(2) Fees: stated the following: a) 6.09 % of residential income collected;b) 0% of commercial income collected;c) 0% of miscellaneous income collected.However, the Management Agent charged the Project 6.09% of miscellaneous income collected fees for December 2023, totaling $16.32.