Finding Text
S3800-010 Finding Reference Number: 2023-1 S3800-015 Type of Finding Federal Award Finding S3800-020 Criteria The Regulatory Agreement requires annual deposits to be made into the reserve for replacements. S3800-030 Statement of Condition The Corporation did not make all required annual deposits into the reserve for replacements. S3800-035 Auditor Non-Compliance Code N - Reserve for Replacement Deposits S3800-037 FHA/Contract Number 043-EE085 S3800-038 Questioned Costs $1,462 S3800-050 Context The Corporation did not make all required annual deposits to the reserve for replacements. S3800-060 Effect Not making required deposits could result in insufficient funds to cover repairs and replacements. S3800-070 Cause Management oversight. S3800-080 Recommendation The Corporation should deposit $1,462 into the reserve for replacements.