FAC Explorer

Finding 1161987 (2024-001)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2025-11-06
Audit: 371849
Organization: Pharr Affordable Housing Dba Sunset Terrace Senior Village (TX)
Auditor: JOHN A BLAKEWAY CPA

AI Summary

  • Core Issue: The Project failed to maintain a separate tenant security deposit bank account.
  • Impacted Requirements: This violates the requirement to have a dedicated account for tenant security deposits.
  • Recommended Follow-Up: Ensure compliance by maintaining the tenant security deposit bank account as per the regulatory agreement.

Finding Text

2024-001 - Cash Management - Mortgage Insurance Rental Housing - ALN No. 14.155. Criteria or Specific Requirement: The Project is required to maintain a tenant security deposit bank account. Condition: - The Project did not maintain a separate tenant security deposit bank account. Cause: Unknown. Effect: The Project did not have a seperate tenant security deposit bank account. Questioned Costs: N/A. Repeat Finding: Yes. Recommendation: The Project should maintain a tenant security deposit bank account in accordance with the regulatory agreement. Responce: A tenant security deposit bank account will be maintained.

Corrective Action Plan

2024-001 - Tenant security deposit bank account. Contact person - Interim Executive Director , Lazaro J. Guerra. Phone 956-787-1822. Corrective action planned - The Project will maintain a tenant security deposit bank account in accordance with the regulatory agreement. Anticipated completion date - Within the next fiscal year.

Categories

Cash Management HUD Housing Programs

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $4.35M