Finding Text
CFDA Number: 14.157 - Supportive Housing for the Elderly
Grantor: HUD
Questioned Costs: $0
Description of Condition:
During the fiscal year the amount of $31,479 was drawn from replacement reserves without HUD approval.
Cause of the Condition:
A withdrawal which was supposed to come from the miscellaneous escrow account was taken from the replacement reserve account in error.
Effect of the Condition:
The replacement reserve account was underfunded but there was a corresponding overfunding in the escrow account.
Recommendations:
Care be taken in matching requests to the proper bank accounts.
Management Response:
Agree with the finding. The money was immediately replaced upon notification.