FAC Explorer

Finding 1148286 (2024-001)

Material Weakness Repeat Finding
Requirement
A
Questioned Costs
-
Year
2024
Accepted
2025-07-23
Audit: 362869
Organization: White River Housing Association (WA)
Auditor: Loveridge Hunt & CO PLLC

AI Summary

  • Answer: Management failed to get HUD approval for all reserve withdrawals.
  • Trend: The reserve account is underfunded by a total of $28,277, with $18,277 of that being unapproved withdrawals this year.
  • List: Follow up by ensuring all future withdrawals have HUD approval and address the underfunding issue.

Finding Text

Based on the review replacement reserve documentation, management did not obtain HUD approval as part of the reserve withdrawal process for all reserve withdrawals. The reserve is underfunded, current year withdrawal that was not approved totals $18,277. The total underfunding of the reserve account equals $28,277.

Categories

HUD Housing Programs

Other Findings in this Audit

  • 571844 2024-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $2.77M