Finding Text
Assistance Listing (Federal award identification number and year): Supportive Housing for Persons with Disabilities, Assistance Listing No. 14.181 (Project identification number 101-HD029, 2004) Auditor non-compliance code: N - Reserve for Replacements Deposits Finding resolution status: Cleared Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Statistically valid sample: N/A Name of Federal agency: Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2025-001: At March 31, 2025, the Corporation's reserve for replacements fund was not invested in an interest bearing account. Criteria: The Regulatory Agreement requires that the reserve for replacements fund be held in a separate, interest-bearing account. Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. Cause: The Corporation did not invest the reserve for replacements fund in an interest-bearing account. Recommendation: Management should transfer the reserve for replacements fund into an interestbearing account. Management Response: Agreed. Management concurs with the finding and auditor's recommendation.