FAC Explorer

Finding 1152509 (2021-003)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
$1
Year
2021
Accepted
2025-09-09
Audit: 365960
Organization: Salem Housing Development Corporation (NE)
Auditor: Dauby O'Connor & Zaleski LLC

AI Summary

  • Issue: No separate security deposit account was established by December 31, 2021.
  • Trend: A liability of $12,989 remains unfunded, indicating potential financial risk.
  • Recommendation: Set up a segregated account and ensure the liability is fully funded to comply with requirements.

Finding Text

As of December 31, 2021, there was no segregated security deposit account and the liability of $12,989 was not properly funded.

Categories

Questioned Costs

Other Findings in this Audit

  • 576064 2021-002
    Material Weakness Repeat
  • 576065 2021-005
    Material Weakness Repeat
  • 576066 2021-004
    Material Weakness Repeat
  • 576067 2021-003
    Material Weakness Repeat
  • 576068 2021-001
    Material Weakness Repeat
  • 576069 2021-006
    Material Weakness
  • 1152506 2021-002
    Material Weakness Repeat
  • 1152507 2021-005
    Material Weakness Repeat
  • 1152508 2021-004
    Material Weakness Repeat
  • 1152510 2021-001
    Material Weakness Repeat
  • 1152511 2021-006
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.78M
14.195 Project-Based Rental Assistance (pbra) $380,233