Finding Text
The Center is required to complete and submit performance standards borrower self-certification letter within 90 days following year end and disclose whether the Center has or has not complied with the specific requirement listed in the letter. Item 3 of the letter stated the Center’s reserve accounts were on schedule with the required minimum funding requirements. We noted the reserve balance at year end was below the threshold set in the 2024 budget and no required transfer was made as required by the loan resolution. In addition, the letter was not submitted to the USDA within 90 days following year end.