Finding Text
FINDING No. 2023-002: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Unresolved. Information on Universe Population Size: All insurance and tax escrow deposits. Sample Size Information: All insurance and tax escrow deposits. Identification of Repeat Finding and Finding Reference Number: No. Criteria: As required by regulatory agreement, the Project is required to pay, when due, all taxes, assessments, and other charges. Statement of Condition: The Project is deficient in funding escrow deposits in the amount of $9,007. Cause: The Project did not properly fund the escrow account based on current period insurance premiums and tax rates. Effect or Potential Effect: The escrow deposits are not sufficient to meet future obligations. Auditor Non-Compliance Code: S – Internal Control Deficiencies. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor's recommendations will be adopted. Recommendation: The Project should make sufficient deposits to the escrow account in a timely manner. Response Indicator: Agree. Completion Date: 12/31/2024. Response: New procedures have been implemented to ensure appropriate amounts are reserved in escrow.