Finding 1131529 (2024-001)

- Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2025-04-14

Audit: 353651

Organization: St. Martin De Porres, Inc. (wellington Place Apartments) (TX)

Auditor: Maddox & Associates Apc

AI Summary

Issue: The security deposit account is lacking sufficient funds.
Trend: This underfunding could lead to compliance risks and financial instability.
Follow-up: Review funding procedures and ensure the account is brought up to the required level.

THE SECURITY DEPOSIT ACCOUNT IS NOT FULLY FUNDED.

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$5.67M