Finding 1169236 (2025-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2025

Accepted

2026-01-15

Audit: 382171

Organization: Kerrville Voa Elderly Hsg, INC (kerrville Oaks) (VA)

Auditor: MADDOX & ASSOCIATES APC

AI Summary

Answer: The project has not restarted the monthly offsetting of Section 8 Housing Assistance Payments.
Trend: This delay may lead to ongoing financial discrepancies and affect budgeting for housing assistance.
List: Follow up on the reasons for the delay, assess the impact on financial reporting, and establish a timeline for resuming payments.

The project did not resume offsetting the monthly Section 8 Housing Assistances Payments.

Management agrees with the finding. The excess funds were accrued to submit to HUD.

ALN	Program Name	Expenditures
14.155	MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS	$1.65M
14.195	SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM	$277,498