Finding Text
S2700-005 Finding Reference Number 2024-01
S2700-006 Finding Status Ongoing
S2700-007 Population Size N/A
S2700-008 Sample Size N/A
S2700-009 Noncompliance Information Project was required to fund the Replacement
Reserve account with deposits totaling $400 per
month.
S2700-010 Statement of Condition The Project failed to make monthly deposits into
the Replacement Reserve account. Total
delinquency from current year is $400.
S2700-020 Criteria Project is required to comply with Replacement
Reserve deposit requirements from HUD.
S2700-030 Effect Replacement Reserve was underfunded.
S2700-040 Cause Controls were not in place to maintain compliance
with Replacement Reserve funding requirements.
S2700-050 Recommendation Implement procedures to prevent the Replacement
Reserve from being underfunded. Make a deposit
for underfunded Replacement Reserve deposits
and to correct the amount deposited monthly for
future deposits.
S2700-055 Auditor Non-Compliance Code N - Reserve for Replacement Deposits
S2700-065 Amount of Questioned Costs $400
S2700-100 Summary of Auditee's
Comments
Management concurs with the finding and
recommendation.
S2700-070 Finding Response Concur
S2700-075 Recommendation Response Agree
S2700-080 Completion Date December 18, 2024
S2700-090 Actions Taken or Planned on
the Finding
Management agrees with the finding and will
implement controls to prevent the Replacement
Reserve from being underfunded in the future.