Finding 1090988 (2024-001)

Requirement

Questioned Costs

Year

2024

Accepted

2024-12-16

Audit: 332860

Organization: St. Mary's Episcopal Retirement Homes, Inc. Canterbury Apts (CA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the replacement reserve are short by $771.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
List: Review deposit schedules, adjust future contributions, and monitor compliance regularly.

REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $771.

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$3.87M
14.195	Section 8 Housing Assistance Payments Program	$1.29M