Finding 1079469 (2024-001)

- Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2024-10-16

Audit: 325000

Organization: Camden Cty Voa Elderly Hsg Foundation INC (lindenwold Towers) (LA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the replacement reserve are short by $110,592.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve adequately.
List: Follow up by reviewing deposit schedules and adjusting future contributions to meet required amounts.

REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $110,592

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$4.37M
14.195	Section 8 Housing Assistance Payments Program	$1.06M
14.191	Multifamily Housing Service Coordinators	$65,940