FAC Explorer

Finding 1157424 (2024-003)

Material Weakness Repeat Finding
Requirement
ABIJL
Questioned Costs
-
Year
2024
Accepted
2025-09-30
Audit: 369688
Organization: Anamosa Senior Citizens Housing INC (IA)
Auditor: Hacker Nelson & CO PC

AI Summary

  • Core Issue: The Corporation has not made the required annual payments to the reserve funds.
  • Impacted Requirements: This non-compliance could jeopardize adherence to USDA-Rural Development regulations.
  • Recommended Follow-Up: Discuss with USDA to clarify minimum reserve fund amounts and establish necessary annual payments for each building.

Finding Text

Finding 2024-003 Reserve Funds Condition: The required annual payments have not been made to the reserve funds. Criteria: The Corporation is required to make annual payments to the reserve funds until the funds reach a minimum dollar amount. Cause: There is not a system in place to make the required annual payments to the reserve funds. Effect: Not funding the reserve funds could adversely affect the Corporation’s compliance with the USDA-Rural Development regulations. Recommendation: We recommend that the Corporation discuss with the USDA the required minimum amounts in the reserve funds and determine what the annual payments should be for each apartment building. Repeat Finding: Yes. Views of Responsible Officials and Planned Corrective Actions: We agree with the auditgor and will take it under advisement.

Corrective Action Plan

Recommendation: We recommend that the Corporation discuss with the USDA the required minimum amounts in the reserve funds and determine what the annual payments should be for each apartment building. Action Taken: We agree with the auditor and will take under advisement. Anticipated Date of Completion: December 31, 2025

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1157419 2024-001
    Material Weakness Repeat
  • 1157420 2024-002
    Material Weakness Repeat
  • 1157421 2024-003
    Material Weakness Repeat
  • 1157422 2024-001
    Material Weakness Repeat
  • 1157423 2024-002
    Material Weakness Repeat
  • 1157425 2024-004
    Material Weakness Repeat
  • 1157426 2024-005
    Material Weakness Repeat
  • 1157427 2024-006
    Material Weakness Repeat
  • 1157428 2024-004
    Material Weakness Repeat
  • 1157429 2024-005
    Material Weakness Repeat
  • 1157430 2024-006
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.427 Rural Rental Assistance Payments $159,269
10.415 Rural Rental Housing Loans $92,538