FAC Explorer

Finding 1168086 (2025-002)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2025
Accepted
2026-01-07
Audit: 379810
Organization: Cmc Retirement Village, Inc. (MO)
Auditor: MADDOX & ASSOCIATES APC

AI Summary

  • Answer: Monthly deposits to the replacement reserve are short by $2,336.
  • Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
  • List: Review deposit schedules, adjust future contributions, and monitor compliance regularly.

Finding Text

REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $2,336.

Corrective Action Plan

MANAGEMENT AGREES WITH THE FINDING. THE REPLACEMENT RESERVE DEFICIENCY WILL BE FUNDED IN THE AMOUNT OF $2,336. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1168085 2025-001
    Material Weakness Repeat
  • 1168087 2025-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.135 MORTGAGE INSURANCE_RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE $4.70M
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $1.10M
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $621,961