Audit 403290

Criteria or specific requirement: Monthly deposits are required to be made to the replacement reserve account. Condition: Monthly deposits were not made. Deposits were made every few months and total amount deposited ties to the required total deposits for the year. Questioned costs: N/A Context: Required deposits were made but they were not made monthly due to cash flow restraint. Cause: Required deposits were made but they were not made monthly due to cash flow restraint. Effect: Not in compliance with monthly requirement. Repeat Finding: No Recommendation: The Organization should make the required deposits monthly. Views of responsible officials: There is no disagreement with the audit finding.

Criteria or specific requirement: The amount of the segregated, interest-bearing account maintained by The Village at Oasis Park - Phase I, Inc. for security deposits must at all times equal the total amount collected from the families then in occupancy plus any accrued interest and less allowable administrative costs adjustments. Condition: The amount within the segregated, interest-bearing security deposits account was less than security deposits liability. Questioned costs: N/A Context: A separate, interest-bearing account is maintained but did not total an amount equal or greater than the security deposit liability due to cash flow restraint. Cause: A separate, interest-bearing account is maintained but did not total an amount equal or greater than the security deposit liability due to cash flow restraint. Effect: Not in compliance with security deposit requirement Repeat Finding: No Recommendation: The Organization should increase security deposit account to equal liability account. Views of responsible officials: There is no disagreement with the audit finding.

Criteria or specific requirement: The program requires that organizations submit monthly vouchers to HUD so that rental subsidies can be calculated and paid to the Organization. Condition: Monthly vouchers were not submitted to HUD in a timely manner. Questioned costs: N/A Context: The Organization hired an outside consultant and it was unclear who was responsible for filing the monthly vouchers. Vouchers were not filed timely but were filed and amounts were received subsequent to year end. Cause: The Organization hired an outside consultant and it was unclear who was responsible for filing the monthly vouchers. Effect: Voucher requests were not being submitted timely to HUD but were ultimately filed and received. Repeat Finding: Yes Recommendation: Policies and procedures should be strengthened to ensure that vouchers are filed timely. Views of responsible officials: There is no disagreement with the audit finding.