Finding 1161534 (2024-001)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2025-10-29

AI Summary

  • Answer: The Organization did not make monthly deposits on time into the debt service savings reserve.
  • Trend: This issue indicates a pattern of delayed financial management practices.
  • List: Follow up by reviewing deposit schedules, implementing reminders, and ensuring accountability for timely deposits.

Finding Text

It was observed during the audit that the Organization failed to make timely monthly deposits into the debt service savings reserve.

Corrective Action Plan

Christopher Communities did not actively participate in the management transition. This made it difficult for Rochester Management Inc to get key information and access to financial assets. EFPR was able to provide a prior statement with the account number and contact information on the Debt Service account. From there we were able to work with our Merrell Lynch contacts to transfer control of the account. We have successfully moved the account under the Rochester Management Inc as agent, and timely monthly deposits will be made.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1161531 2024-001
    Material Weakness Repeat
  • 1161532 2024-002
    Material Weakness Repeat
  • 1161533 2024-004
    Material Weakness Repeat
  • 1161535 2024-002
    Material Weakness Repeat
  • 1161536 2024-004
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $4.57M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $848,836