Finding Text
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2024-002: SECTION 202, ASSISTANCE LISTING NUMBER 14.157 Condition: The Project's replacement reserve cash balance was underfunded at September 30, 2024. Criteria: The management company failed to make the correct monthly deposits into the account. Effect: The replacement reserve cash balance was $142 less than it should be at September 30, 2024. Context: Activity in the replacement reserve account for the year ended September 30, 2024 was tested. No sample was tested. Questioned Costs - $142; Cause: The management company failed to increase the monthly deposit amount during the correct month. Recommendation: The Project should deposit $142 into the replacement reserve account. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will deposit $142 into the replacement reserve account. Questioned Costs - Department of Housing and Urban Development - $142; Non-compliance code - N