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 withdrew more funds from the replacement reserve account during the year than it should have. Effect: The replacement reserve cash balance was $90 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 - $90; Cause: The Project misinterpreted an amount on an invoice when requesting a replacement reserve withdrawal. Recommendation: The Project should deposit $90 into the replacement reserve account. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will deposit $90 into the replacement reserve account. Total-Department of Housing and Urban Development - $90; Non-compliance code - A