Finding reference number: #2023-001
Assistance Listing (Federal award identification number and year): Section 8 Housing
Assistance Payments Program, Assistance Listing No. 14.157 (Project identification number 054-EE-
056, year 2023)
Auditor non-compliance code: N - Reserve for Replacements Deposits
Finding resolution status: Resolved.
Universe population size: 12 reserve for replacement deposits.
Sample size information: 12 reserve for replacement deposits.
Noncompliance information: 1 reserve for replacement deposit.
Statistically valid sample: Not applicable.
Name of Federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $1,753
Statement of condition #2023-001: During the year ended September 30, 2023, the Corporation
failed to make one required deposit to the reserve for replacement account.
Criteria: Pursuant to the Section 202 regulatory agreement, the Corporation is required to make
monthly deposits to the reserve for replacements account.
Effect: The Corporation is not in compliance with the terms of the Section 202 Regulatory Agreement.
Cause: The Corporation did not have the operating funds to transfer amounts from the operating cash
account to the reserve for replacements account for the required monthly deposit.
Recommendation: The management agent should transfer funds in the amount of $1,753 from the
operating account in order to bring the reserve for replacements account current.
Management's response: Management agrees. Management deposited $1,753 on November 7,
2023. No further action is required.
Finding reference number: #2023-001
Assistance Listing (Federal award identification number and year): Section 8 Housing
Assistance Payments Program, Assistance Listing No. 14.157 (Project identification number 054-EE-
056, year 2023)
Auditor non-compliance code: N - Reserve for Replacements Deposits
Finding resolution status: Resolved.
Universe population size: 12 reserve for replacement deposits.
Sample size information: 12 reserve for replacement deposits.
Noncompliance information: 1 reserve for replacement deposit.
Statistically valid sample: Not applicable.
Name of Federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $1,753
Statement of condition #2023-001: During the year ended September 30, 2023, the Corporation
failed to make one required deposit to the reserve for replacement account.
Criteria: Pursuant to the Section 202 regulatory agreement, the Corporation is required to make
monthly deposits to the reserve for replacements account.
Effect: The Corporation is not in compliance with the terms of the Section 202 Regulatory Agreement.
Cause: The Corporation did not have the operating funds to transfer amounts from the operating cash
account to the reserve for replacements account for the required monthly deposit.
Recommendation: The management agent should transfer funds in the amount of $1,753 from the
operating account in order to bring the reserve for replacements account current.
Management's response: Management agrees. Management deposited $1,753 on November 7,
2023. No further action is required.
Finding reference number: #2023-001
Assistance Listing (Federal award identification number and year): Section 8 Housing
Assistance Payments Program, Assistance Listing No. 14.157 (Project identification number 054-EE-
056, year 2023)
Auditor non-compliance code: N - Reserve for Replacements Deposits
Finding resolution status: Resolved.
Universe population size: 12 reserve for replacement deposits.
Sample size information: 12 reserve for replacement deposits.
Noncompliance information: 1 reserve for replacement deposit.
Statistically valid sample: Not applicable.
Name of Federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $1,753
Statement of condition #2023-001: During the year ended September 30, 2023, the Corporation
failed to make one required deposit to the reserve for replacement account.
Criteria: Pursuant to the Section 202 regulatory agreement, the Corporation is required to make
monthly deposits to the reserve for replacements account.
Effect: The Corporation is not in compliance with the terms of the Section 202 Regulatory Agreement.
Cause: The Corporation did not have the operating funds to transfer amounts from the operating cash
account to the reserve for replacements account for the required monthly deposit.
Recommendation: The management agent should transfer funds in the amount of $1,753 from the
operating account in order to bring the reserve for replacements account current.
Management's response: Management agrees. Management deposited $1,753 on November 7,
2023. No further action is required.
Finding reference number: #2023-001
Assistance Listing (Federal award identification number and year): Section 8 Housing
Assistance Payments Program, Assistance Listing No. 14.157 (Project identification number 054-EE-
056, year 2023)
Auditor non-compliance code: N - Reserve for Replacements Deposits
Finding resolution status: Resolved.
Universe population size: 12 reserve for replacement deposits.
Sample size information: 12 reserve for replacement deposits.
Noncompliance information: 1 reserve for replacement deposit.
Statistically valid sample: Not applicable.
Name of Federal agency: U.S. Department of Housing and Urban Development
Pass-through entity: N/A
Questioned costs: $1,753
Statement of condition #2023-001: During the year ended September 30, 2023, the Corporation
failed to make one required deposit to the reserve for replacement account.
Criteria: Pursuant to the Section 202 regulatory agreement, the Corporation is required to make
monthly deposits to the reserve for replacements account.
Effect: The Corporation is not in compliance with the terms of the Section 202 Regulatory Agreement.
Cause: The Corporation did not have the operating funds to transfer amounts from the operating cash
account to the reserve for replacements account for the required monthly deposit.
Recommendation: The management agent should transfer funds in the amount of $1,753 from the
operating account in order to bring the reserve for replacements account current.
Management's response: Management agrees. Management deposited $1,753 on November 7,
2023. No further action is required.