Finding Text
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT - For the OTR - Arboretum West Apartments Facility - FINDING 2023-007: SECTION 223(f), ASSISTANCE LISTING NUMBER 14.155; Condition: The Project's replacement reserve cash balance was underfunded at December 31, 2023. Criteria: The Project should have made the required monthly deposits. Effect: The replacement reserve cash balance was $488 less than it should be at December 31, 2023. Context: All activity in the replacement reserve account for the year ended December 31, 2023 was tested. No sample was selected. Questioned Costs - $488; Cause: The Project neglected to make one of the required monthly deposits. Recommendation: The Project should deposit the correct amount monthly to the reserve. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will be reminded to deposit the correct amount monthly to the reserve. The Project will also deposit $488 into the reserve as soon as possible. Questioned Costs - Department of Housing and Urban Development - $488; Non-compliance code - N