Finding Text
Finding number : 2024-001 ALN: 14.157 Supportive Housing for the Elderly Grantor: HUD Questioned Costs: $0 Description of Condition: Per the regulatory agreement the Project is required to make monthly deposits, as set by HUD, into the replacement reserve bank account. The Project only made eleven of the twelve required deposits. Cause of Condition: The Project is currently in a cash poor situation. The required deposit was in accounts payable causing the bank account to look funded while one payment was not actually made. Effect of Condition: Recommendations: Replacement reserve is under funded by $1,337. Care be taken to ensure the required payments are made timely.