Finding Text
FINDING 2024-001: 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 $85 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 - $85, Cause: The management company failed to increase the monthly deposit amount during the correct month. Recommendation: The Project should deposit $85 into the replacement reserve account. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will deposit $85 into the replacement reserve account as soon as possible. Questioned Costs - Department of Housing and Urban Development - $85, Non-compliance code - N