FAC Explorer

Finding 1096341 (2023-001)

- Repeat Finding
Requirement
C
Questioned Costs
$1
Year
2023
Accepted
2025-01-22
Audit: 339229
Organization: Rodsewood Housing Corporation (MO)
Auditor: Ralph C Johnson & CO PC

AI Summary

  • Core Issue: The Project only made 11 months of deposits, resulting in a $580 shortage in the reserve for replacement account.
  • Impacted Requirements: Monthly deposits to the reserve are required by HUD guidelines, which were not fully met.
  • Recommended Follow-Up: Management should fund the reserve shortage of $580 as soon as possible.

Finding Text

Finding 2023-001- Replacement Reserve Deposits Condition Found The Project only made 11 months of deposits for a total of $5,660. The deposits should have totaled $6,240 . Criteria: According to HUD’s guidelines, a Project must make monthly deposits to the reserve for replacement account. Cause: Project management did not make the required monthly deposit, causing a shortage in the reserve for replacement account for the year ending June 30, 2023. Effect The Project did not make the required deposit. Recommendation: The overall reserve shortage of $580 should be funded as soon as possible. Current Status Management will fund the reserves as soon as funds are available.

Categories

Questioned Costs HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $1.38M
14.195 Section 8 Housing Assistance Payments Program $57,616