FAC Explorer

Finding 1092420 (2023-002)

Significant Deficiency
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-12-19
Audit: 333806
Organization: Canandaigua Housing Development Fund CO Inc. (proj No. 014-E074) (NY)
Auditor: Efpr Group CPAS PLLC

AI Summary

  • Answer: The Organization did not make monthly deposits on time into the debt service savings reserve.
  • Trend: This delay could lead to potential cash flow issues and affect financial stability.
  • List: Follow up by implementing a schedule for timely deposits and monitoring compliance regularly.

Finding Text

It was observed during the audit that the Organization failed to make timely monthly deposits into the debt service savings reserve.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 515978 2023-002
    Significant Deficiency
  • 515979 2023-003
    Significant Deficiency
  • 1092421 2023-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $4.73M
14.195 Project-Based Rental Assistance (pbra) $729,467