Project Legal Name: First Housing Corporation d/b/a Cathedral Manor
HUD Project No.: 017-EH136-A
Audit Firm: CohnReznick, LLP
Period covered by the audit:8/1/2022 through 7/31/2023
Corrective Action Plan prepared by:
Name: Kimalee Williams
Position: Management Agent
Telephone Number: 860-528-5000
A....
Project Legal Name: First Housing Corporation d/b/a Cathedral Manor
HUD Project No.: 017-EH136-A
Audit Firm: CohnReznick, LLP
Period covered by the audit:8/1/2022 through 7/31/2023
Corrective Action Plan prepared by:
Name: Kimalee Williams
Position: Management Agent
Telephone Number: 860-528-5000
A. Current Findings on the Schedule of Findings, Questioned Costs and Recommendations
1. Financial Statement Audit
None
2. Finding 2023-001 – Major Federal Award Programs Audit
a. Comments on the Finding and Recommendation
We concur with the auditors finding as follows:
During the years ended July 31, 2019, 2020, 2021, 2022 and 2023, management did not make the required residual receipts reserve deposit in the amount of $81,489 within 90 days of year ended July 31, 2018, as required by HUD. The residual receipts amount has not been deposited as of the date of this report.
b. Action(s) Taken or Planned on the Finding
The amount due to the residual receipts has not been deposited, until the
property is in a positive cash flow position, the property is unable to commit to any type of repayment plan. Property is also looking for forgiveness on the amount.