Finding Text
S3800-010 Finding reference number 2025-001 S3800-011 Title and AL number of federal program Supportive Housing for the Elderly #14.157 S3800-015 Type of finding Federal Award Finding and Internal Control Over compliance S3800-016 Finding resolution status Complete S3800-017 Information on universe population Not applicable S3800-018 Sample information Not applicable S3800-019 Identification of repeat finding and finding reference number Not applicable S3800-020 Criteria Owners are required to make monthly deposits into the Replacement Reserve account in the amount specified in the Regulatory Agreement. S3800-030 Statement of condition The project failed to make the required monthly deposits into the Replacement Reserve account as stipulated in the HUD Regulatory Agreement in prior year of $104,105. S3800-032 Cause The owner failed to deposit the monthly deposit requirement and did not implement adequate internal controls to ensure compliance with HUD-approved funding levels. S3800-033 Effect or potential effect Underfunding the Replacement Reserve account may result in inadequate resources to address future capital needs. S3800-035 Auditor non-compliance code N - Replacement reserve deposits S3800-040 Questioned costs $ - S3800-037 Property associated with the finding 017-EE-005 S3800-038 Questioned costs $ - S3800-045 Reporting views of responsible officials Management Concurs S3800-080 Recommendation Management should monitor internal controls over compliance and ensure the required monthly deposit is corrected in a timely manner. S3800-090 Auditors' Summary of the Auditee's Comments on the Findings and Recommendations Management Concurs S3800-130 Response indicator Agree S3800-140 Anticipated Completion Date Complete S3800-150 Response The funds were deposited July 16, 2024.