FAC Explorer

Finding 1092421 (2023-003)

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

  • Issue: The Organization is not keeping tenants' security deposits in a separate savings account.
  • Trend: This practice may lead to potential financial risks and compliance issues.
  • Recommendation: Establish a separate savings account for security deposits to ensure proper handling and compliance.

Finding Text

It was observed during the audit that the Organization does not hold tenants’ security deposits in a separate savings account.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 515978 2023-002
    Significant Deficiency
  • 515979 2023-003
    Significant Deficiency
  • 1092420 2023-002
    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