Finding Text
Replacement Reserve Deposits: Criteria - Replacement reserve deposits should be made monthly in an amount determined by HUD; Condition - During the year ended June 30, 2025, insufficient deposits were made to the replacement reserve account; Cause - The project failed to make the required deposits to the replacement reserve; Effect or Potential Effect - The project is in violation of HUD replacement reserve procedures; Questionsed Costs - None; Perspective - Deposits totaling $4,926 were expected in the period. Deposits totaling only $4,458 were made during the period; Repeat Finding - Yes