Finding #2022-002: Section 223(a)(7) HUD Insured Loan CFDA 14.135 (AAMHA KPTP, LLC HUD Project No. 115-35652). Type of Finding: Significant Deficiency. The Company had surplus cash available for distribution of $28,824 at December 31, 2021. The Company made distributions of $45,294. At June 30, 2022, the Company had no available surplus cash and made distributions of $45,294. The Company made distributions in excess of surplus cash totaling $61,764. See Section II for more information. Finding #2022-002: Section 223(a)(7) HUD Insured Loan CFDA 14.135 (AAMHA KPTP, LLC HUD Project No. 115-35652) Type of Finding: Significant Deficiency Condition: The Company had surplus cash available for distribution of $28,824 at December 31, 2021. The Company made distributions of $45,294. At June 30, 2022, the Company had no available surplus cash and made distributions of $45,294. The Company made distributions in excess of surplus cash totaling $61,764. Criteria: The HUD regulatory agreement requires Management to calculate surplus cash at mid-year and year-end to determine the amount of surplus cash available per the regulatory agreement. Questioned amount: $61,764 Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing surplus cash distributions. Cause: Timing of surplus cash calculation and owner distributions. Repeat Finding: Yes Recommendation: 2022-002a: We recommend management review the Regulatory Agreement to ensure they are familiar with all the terms of the agreement. 2022-002b: At December 31, 2022, there was no available surplus cash. We recommend Alamo repay $61,764 to the Project?s operating account. Management?s View: Management is in agreement with the finding. Management has re-evaluated the current property management company due to the repeat finding and has plans to hire a new management company effective July 1, 2023. Auditor?s Comment: On March 28, 2023, Alamo repaid $61,764 to the Project. Finding 2022-002 Cleared.
Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280). Type of Finding: Significant deficiency. The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). See Section II for more information. Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280) Type of Finding: Significant Deficiency Condition: The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). Criteria: The HUD regulatory agreement requires the security deposit asset account exceed the security deposit liability account at all times. Questioned Costs: $65,358 Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing security deposits. Cause: Operating costs Repeat Finding: No (AAMHA Western Hills, LLC and AAMHA Cypress Cove, LLCYes (AAMHA Calcasieu, LLC) Recommendation: We recommend management review the Regulatory Agreement to ensure they are familiar with all the terms of the agreement. Management?s Comment: Management is in agreement with finding and will review Regulatory agreement. Management transferred the funds to cover the underfunding of the security deposit asset account for the operating property. Management has re-evaluated the property management company due to the underfunding of the security deposit account and has plans to hire a new management company effective July 1, 2023. Auditor?s Comment: On April 3, 2023, $15,079 was transferred to the security deposit asset account for AAMHA Western Hills, LLC. On March 20, 2023, $30,413 was transferred to the security deposit asset account for AAMHA Cypress Cove, LLC. On March 14, 2023, $19,866 was transferred to the security deposit asset account for AAMHA Calcasieu, LLC. Finding 2022-001 cleared
Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280). Type of Finding: Significant deficiency. The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). See Section II for more information. Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280) Type of Finding: Significant Deficiency Condition: The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). Criteria: The HUD regulatory agreement requires the security deposit asset account exceed the security deposit liability account at all times. Questioned Costs: $65,358 Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing security deposits. Cause: Operating costs Repeat Finding: No (AAMHA Western Hills, LLC and AAMHA Cypress Cove, LLCYes (AAMHA Calcasieu, LLC) Recommendation: We recommend management review the Regulatory Agreement to ensure they are familiar with all the terms of the agreement. Management?s Comment: Management is in agreement with finding and will review Regulatory agreement. Management transferred the funds to cover the underfunding of the security deposit asset account for the operating property. Management has re-evaluated the property management company due to the underfunding of the security deposit account and has plans to hire a new management company effective July 1, 2023. Auditor?s Comment: On April 3, 2023, $15,079 was transferred to the security deposit asset account for AAMHA Western Hills, LLC. On March 20, 2023, $30,413 was transferred to the security deposit asset account for AAMHA Cypress Cove, LLC. On March 14, 2023, $19,866 was transferred to the security deposit asset account for AAMHA Calcasieu, LLC. Finding 2022-001 cleared
Finding #2022-003: Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Babcock North, LP, HUD Project No. 115-11305). Type of Finding: Significant Deficiency. The Project receives Section 8 housing vouchers from San Antonio Housing Authority. Subsidies were received and deposited into a different project?s account totaling $45,629. See Section II for more information. Finding #2022-003: Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Babcock North, LP, HUD Project No. 115-11305) Type of Finding: Significant Deficiency Condition: The Project receives Section 8 housing vouchers from San Antonio Housing Authority. Subsidies were received and deposited into a different project?s account totaling $45,629. Criteria: The HUD regulatory agreement requires project cash receipts be deposited into the project?s bank account. Questioned Costs: $45,629 Effect: The Company is in violation of the compliance requirement of its major federal program. Cause: San Antonio Housing Authority subsidies were sent to the incorrect project?s account. Repeat Finding: No Recommendation: Management should monitor and reconcile the subsidies received to ensure funds are being deposited into the correct Project?s bank account. Management?s Comment: Management is in agreement with finding. Auditor?s Comment: Management will reconcile the cash receipts received monthly. On February 15, 2023, the Project received $45,629 from the affiliate property. CLEARED.
Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280). Type of Finding: Significant deficiency. The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). See Section II for more information. Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280) Type of Finding: Significant Deficiency Condition: The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). Criteria: The HUD regulatory agreement requires the security deposit asset account exceed the security deposit liability account at all times. Questioned Costs: $65,358 Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing security deposits. Cause: Operating costs Repeat Finding: No (AAMHA Western Hills, LLC and AAMHA Cypress Cove, LLCYes (AAMHA Calcasieu, LLC) Recommendation: We recommend management review the Regulatory Agreement to ensure they are familiar with all the terms of the agreement. Management?s Comment: Management is in agreement with finding and will review Regulatory agreement. Management transferred the funds to cover the underfunding of the security deposit asset account for the operating property. Management has re-evaluated the property management company due to the underfunding of the security deposit account and has plans to hire a new management company effective July 1, 2023. Auditor?s Comment: On April 3, 2023, $15,079 was transferred to the security deposit asset account for AAMHA Western Hills, LLC. On March 20, 2023, $30,413 was transferred to the security deposit asset account for AAMHA Cypress Cove, LLC. On March 14, 2023, $19,866 was transferred to the security deposit asset account for AAMHA Calcasieu, LLC. Finding 2022-001 cleared
Finding #2022-002: Section 223(a)(7) HUD Insured Loan CFDA 14.135 (AAMHA KPTP, LLC HUD Project No. 115-35652). Type of Finding: Significant Deficiency. The Company had surplus cash available for distribution of $28,824 at December 31, 2021. The Company made distributions of $45,294. At June 30, 2022, the Company had no available surplus cash and made distributions of $45,294. The Company made distributions in excess of surplus cash totaling $61,764. See Section II for more information. Finding #2022-002: Section 223(a)(7) HUD Insured Loan CFDA 14.135 (AAMHA KPTP, LLC HUD Project No. 115-35652) Type of Finding: Significant Deficiency Condition: The Company had surplus cash available for distribution of $28,824 at December 31, 2021. The Company made distributions of $45,294. At June 30, 2022, the Company had no available surplus cash and made distributions of $45,294. The Company made distributions in excess of surplus cash totaling $61,764. Criteria: The HUD regulatory agreement requires Management to calculate surplus cash at mid-year and year-end to determine the amount of surplus cash available per the regulatory agreement. Questioned amount: $61,764 Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing surplus cash distributions. Cause: Timing of surplus cash calculation and owner distributions. Repeat Finding: Yes Recommendation: 2022-002a: We recommend management review the Regulatory Agreement to ensure they are familiar with all the terms of the agreement. 2022-002b: At December 31, 2022, there was no available surplus cash. We recommend Alamo repay $61,764 to the Project?s operating account. Management?s View: Management is in agreement with the finding. Management has re-evaluated the current property management company due to the repeat finding and has plans to hire a new management company effective July 1, 2023. Auditor?s Comment: On March 28, 2023, Alamo repaid $61,764 to the Project. Finding 2022-002 Cleared.
Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280). Type of Finding: Significant deficiency. The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). See Section II for more information. Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280) Type of Finding: Significant Deficiency Condition: The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). Criteria: The HUD regulatory agreement requires the security deposit asset account exceed the security deposit liability account at all times. Questioned Costs: $65,358 Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing security deposits. Cause: Operating costs Repeat Finding: No (AAMHA Western Hills, LLC and AAMHA Cypress Cove, LLCYes (AAMHA Calcasieu, LLC) Recommendation: We recommend management review the Regulatory Agreement to ensure they are familiar with all the terms of the agreement. Management?s Comment: Management is in agreement with finding and will review Regulatory agreement. Management transferred the funds to cover the underfunding of the security deposit asset account for the operating property. Management has re-evaluated the property management company due to the underfunding of the security deposit account and has plans to hire a new management company effective July 1, 2023. Auditor?s Comment: On April 3, 2023, $15,079 was transferred to the security deposit asset account for AAMHA Western Hills, LLC. On March 20, 2023, $30,413 was transferred to the security deposit asset account for AAMHA Cypress Cove, LLC. On March 14, 2023, $19,866 was transferred to the security deposit asset account for AAMHA Calcasieu, LLC. Finding 2022-001 cleared
Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280). Type of Finding: Significant deficiency. The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). See Section II for more information. Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280) Type of Finding: Significant Deficiency Condition: The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). Criteria: The HUD regulatory agreement requires the security deposit asset account exceed the security deposit liability account at all times. Questioned Costs: $65,358 Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing security deposits. Cause: Operating costs Repeat Finding: No (AAMHA Western Hills, LLC and AAMHA Cypress Cove, LLCYes (AAMHA Calcasieu, LLC) Recommendation: We recommend management review the Regulatory Agreement to ensure they are familiar with all the terms of the agreement. Management?s Comment: Management is in agreement with finding and will review Regulatory agreement. Management transferred the funds to cover the underfunding of the security deposit asset account for the operating property. Management has re-evaluated the property management company due to the underfunding of the security deposit account and has plans to hire a new management company effective July 1, 2023. Auditor?s Comment: On April 3, 2023, $15,079 was transferred to the security deposit asset account for AAMHA Western Hills, LLC. On March 20, 2023, $30,413 was transferred to the security deposit asset account for AAMHA Cypress Cove, LLC. On March 14, 2023, $19,866 was transferred to the security deposit asset account for AAMHA Calcasieu, LLC. Finding 2022-001 cleared
Finding #2022-003: Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Babcock North, LP, HUD Project No. 115-11305). Type of Finding: Significant Deficiency. The Project receives Section 8 housing vouchers from San Antonio Housing Authority. Subsidies were received and deposited into a different project?s account totaling $45,629. See Section II for more information. Finding #2022-003: Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Babcock North, LP, HUD Project No. 115-11305) Type of Finding: Significant Deficiency Condition: The Project receives Section 8 housing vouchers from San Antonio Housing Authority. Subsidies were received and deposited into a different project?s account totaling $45,629. Criteria: The HUD regulatory agreement requires project cash receipts be deposited into the project?s bank account. Questioned Costs: $45,629 Effect: The Company is in violation of the compliance requirement of its major federal program. Cause: San Antonio Housing Authority subsidies were sent to the incorrect project?s account. Repeat Finding: No Recommendation: Management should monitor and reconcile the subsidies received to ensure funds are being deposited into the correct Project?s bank account. Management?s Comment: Management is in agreement with finding. Auditor?s Comment: Management will reconcile the cash receipts received monthly. On February 15, 2023, the Project received $45,629 from the affiliate property. CLEARED.
Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280). Type of Finding: Significant deficiency. The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). See Section II for more information. Finding #2022-001: Section 223(a)(7) HUD Insured Loan, CFDA 14.135 (AAMHA Western Hills, LLC HUD Project No. 115-35888) and Section 223(f) HUD Insured Loan, CFDA 14.155 (AAMHA Cypress Cove, LLC HUD Project No. 115-11254 and AAMHA Calcasieu, LLC HUD Project No. 115-11280) Type of Finding: Significant Deficiency Condition: The security deposit liability account was greater than the security deposit asset account for three operating properties (AAMHA Western Hills, LLC, AAMHA Cypress Cove, LLC and AAMHA Calcasieu, LLC). Criteria: The HUD regulatory agreement requires the security deposit asset account exceed the security deposit liability account at all times. Questioned Costs: $65,358 Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing security deposits. Cause: Operating costs Repeat Finding: No (AAMHA Western Hills, LLC and AAMHA Cypress Cove, LLCYes (AAMHA Calcasieu, LLC) Recommendation: We recommend management review the Regulatory Agreement to ensure they are familiar with all the terms of the agreement. Management?s Comment: Management is in agreement with finding and will review Regulatory agreement. Management transferred the funds to cover the underfunding of the security deposit asset account for the operating property. Management has re-evaluated the property management company due to the underfunding of the security deposit account and has plans to hire a new management company effective July 1, 2023. Auditor?s Comment: On April 3, 2023, $15,079 was transferred to the security deposit asset account for AAMHA Western Hills, LLC. On March 20, 2023, $30,413 was transferred to the security deposit asset account for AAMHA Cypress Cove, LLC. On March 14, 2023, $19,866 was transferred to the security deposit asset account for AAMHA Calcasieu, LLC. Finding 2022-001 cleared