Finding 1163383 (2025-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2025

Accepted

2025-12-03

Audit: 372911

Organization: St. Bernard II (metairie Manor Iv) (LA)

Auditor: MADDOX & ASSOCIATES APC

AI Summary

Core Issue: Monthly deposits to the replacement reserve are short by $2,264.
Impacted Requirements: This deficiency affects compliance with financial reserve policies.
Recommended Follow-Up: Review and adjust deposit schedules to ensure full compliance moving forward.

REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $2,264.

MANAGEMENT AGREES WITH THE FINDING. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.

ALN	Program Name	Expenditures
14.155	MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS	$3.85M
14.195	SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM	$756,597