Assistance Listing (Federal award identification number and year): Supportive Housing for the Elderly (Assistance Listing No. 14.157, 2025)
Auditor non-compliance code: A-Unauthorized withdrawal from replacement reserve
Finding resolution status: Resolved
Universe population size: Not applicable.
Sample size information: Not applicable.
Statistically valid sample: Not applicable.
Name of Federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: Not applicable.
Questioned costs: $6,905
Statement of condition 2025-001: During the year ended March 31, 2025, the Corporation withdrew $6,905 from the reserve for replacements without a HUD approved 9250.
Criteria: Pursuant to item 10(b) of the Regulatory Agreement (form HUD-92466), the Corporation cannot withdraw funds from the replacement reserve without HUD approval.
Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement.
Cause: Management oversight.
Recommendation: The Corporation should transfer $6,905 from operating cash into the reserve for replacements.
Management's response: Management concurs with the recommendation. On April 26, 2024, the Corporation transferred $6,905 from the operating cash account to the reserve for replacement account.
Assistance Listing (Federal award identification number and year): Supportive Housing for the Elderly (Assistance Listing No. 14.157, 2025)
Auditor non-compliance code: A-Unauthorized withdrawal from replacement reserve
Finding resolution status: Resolved
Universe population size: Not applicable.
Sample size information: Not applicable.
Statistically valid sample: Not applicable.
Name of Federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: Not applicable.
Questioned costs: $6,905
Statement of condition 2025-001: During the year ended March 31, 2025, the Corporation withdrew $6,905 from the reserve for replacements without a HUD approved 9250.
Criteria: Pursuant to item 10(b) of the Regulatory Agreement (form HUD-92466), the Corporation cannot withdraw funds from the replacement reserve without HUD approval.
Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement.
Cause: Management oversight.
Recommendation: The Corporation should transfer $6,905 from operating cash into the reserve for replacements.
Management's response: Management concurs with the recommendation. On April 26, 2024, the Corporation transferred $6,905 from the operating cash account to the reserve for replacement account.
Assistance Listing (Federal award identification number and year): Supportive Housing for the Elderly (Assistance Listing No. 14.157, 2025)
Auditor non-compliance code: A-Unauthorized withdrawal from replacement reserve
Finding resolution status: Resolved
Universe population size: Not applicable.
Sample size information: Not applicable.
Statistically valid sample: Not applicable.
Name of Federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: Not applicable.
Questioned costs: $6,905
Statement of condition 2025-001: During the year ended March 31, 2025, the Corporation withdrew $6,905 from the reserve for replacements without a HUD approved 9250.
Criteria: Pursuant to item 10(b) of the Regulatory Agreement (form HUD-92466), the Corporation cannot withdraw funds from the replacement reserve without HUD approval.
Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement.
Cause: Management oversight.
Recommendation: The Corporation should transfer $6,905 from operating cash into the reserve for replacements.
Management's response: Management concurs with the recommendation. On April 26, 2024, the Corporation transferred $6,905 from the operating cash account to the reserve for replacement account.
Assistance Listing (Federal award identification number and year): Supportive Housing for the Elderly (Assistance Listing No. 14.157, 2025)
Auditor non-compliance code: A-Unauthorized withdrawal from replacement reserve
Finding resolution status: Resolved
Universe population size: Not applicable.
Sample size information: Not applicable.
Statistically valid sample: Not applicable.
Name of Federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: Not applicable.
Questioned costs: $6,905
Statement of condition 2025-001: During the year ended March 31, 2025, the Corporation withdrew $6,905 from the reserve for replacements without a HUD approved 9250.
Criteria: Pursuant to item 10(b) of the Regulatory Agreement (form HUD-92466), the Corporation cannot withdraw funds from the replacement reserve without HUD approval.
Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement.
Cause: Management oversight.
Recommendation: The Corporation should transfer $6,905 from operating cash into the reserve for replacements.
Management's response: Management concurs with the recommendation. On April 26, 2024, the Corporation transferred $6,905 from the operating cash account to the reserve for replacement account.