Finding 1164385 (2025-002)

2025-002 Reportable Condition – Compliance: Criteria: The Project is required to make monthly deposits to the Replacement Reserves account. Condition: The Project did not make 7 required monthly deposits to the Replacement Reserves account. Questioned cost: None Context: Occurring within the current accounting period. Cause: Management lack of monitoring. Effect: The Replacement Reserves account is underfunded by $450. The Project is not in compliance with the regulatory agreement. Recommendation: The Project should fund the Replacement Reserves account. Repeat finding: No Views of responsible official and planned corrective action: The current management agent concurs and will take immediate corrective action.