Finding Text
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2024-003: SECTION 811, ASSISTANCE LISTING NUMBER 14.181 Condition: The Project's replacement reserve cash balance was underfunded at December 31, 2024. Criteria: The Project made two replacement reserve withdrawals for the same invoice. Effect: The replacement reserve cash balance was $835 less than it should be at December 31, 2024. Context: Activity in the replacement reserve account for the year ended December 31, 2024 was tested. No sample was tested. Questioned costs - $835; Cause: The Project mistakenly made two replacement reserve withdrawals for the same invoice. Recommendation: The Project should repay the amount improperly withdrawn from the replacement reserve account. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will deposit $835 into the replacement reserve account. Questioned Costs - Department of Housing and Urban Development - $835; Non-compliance code - A