Finding 1079468 (2024-001)

- Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2024-10-16

Audit: 324998

Organization: Asheville Voa Elderly Housing, INC (laurel Wood) (VA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the replacement reserve are short by $84,416.
Trend: This deficiency indicates a potential risk in funding future maintenance and repairs.
List: Review deposit schedules, adjust future contributions, and ensure compliance with funding requirements.

REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $84,416.

ALN	Program Name	Expenditures
14.157	Supportive Housing for the Elderly	$3.87M
14.239	Home Investment Partnerships Program	$50,000