Finding 1148795 (2025-001)

Requirement

Questioned Costs

Year

2025

Accepted

2025-07-31

Audit: 363420

Organization: Metairie Manor (LA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the replacement reserve are short by $148,765.
Trend: This deficiency indicates a consistent failure to meet required funding levels.
List: Follow up by reviewing deposit schedules and adjusting future contributions to ensure compliance.

REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $148,765.

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$10.25M
14.195	Section 8 Housing Assistance Payments Program	$2.52M