FAC Explorer

Finding 1167145 (2025-001)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2025
Accepted
2025-12-30
Audit: 378196
Organization: I.c. Corporation T/a Seton Manor (VA)
Auditor: BROWN EDWARDS & COMPANY LLP

AI Summary

  • Issue: A tenant did not receive their security deposit refund within the required 30 days after moving out.
  • Trend: This indicates a potential pattern of delays in processing security deposit refunds.
  • Follow-up: Review and improve the process for issuing security deposit refunds to ensure compliance with the 30-day requirement.

Finding Text

Security deposits are required to be refunded within 30 days of tenant’s move-out date in the appropriate amount. For one item out of two tested, we noted that a tenant moved out and did not receive their security deposit refund timely. The tenant moved out December 31, 2024, and the refund was not issued until February 17, 2025.

Corrective Action Plan

Management will take steps to remind the on-site property manager of the requirement and to ensure refunds are completed within a 30 day period.

Categories

No categories assigned yet.

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $2.47M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $757,948
14.191 MULTIFAMILY HOUSING SERVICE COORDINATORS $35,836