FAC Explorer

Finding 1165744 (2025-001)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2025
Accepted
2025-12-19
Audit: 376530
Organization: Southern Living Apartments, Inc. (TN)
Auditor: TARWATER & COMPANY PC

AI Summary

  • Core Issue: The project did not make the necessary monthly deposits into the Replacement Reserve account.
  • Impacted Requirements: Compliance with financial management and reserve funding regulations.
  • Recommended Follow-Up: Ensure timely deposits moving forward and monitor compliance closely.

Finding Text

S3900-010 Finding Reference Number 2024-01 S3900-020 Status Indicator Not cleared S3900-030 Statement of Condition for Previous Finding The Project failed to make required monthly deposits into the Replacement Reserve account. S3900-040 Previous Response for Finding Concur S3900-050 Narrative Management is aware of this matter and it is ongoing.

Corrective Action Plan

Management agrees with the finding will take action to implement the recommendation as soon as cash flow allows.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1165743 2025-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $67,258