FAC Explorer

Finding 1169649 (2025-002)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2025
Accepted
2026-01-20
Audit: 382643
Organization: Prince Hall Plaza (IN)
Auditor: COMER NOWLING AND ASSOCIATES PC

AI Summary

  • Answer: The Corporation failed to fully fund the replacement reserve.
  • Trend: This indicates a potential ongoing issue with financial compliance.
  • List: Review funding practices, assess financial impact, and ensure future compliance with reserve requirements.

Finding Text

The Corporation did not fund the replacement reserve in the full amount required.

Corrective Action Plan

Management is aware of the underfunded amount and will deposit the $648 into the replacement reserve account.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1169646 2025-001
    Material Weakness Repeat
  • 1169647 2025-001
    Material Weakness Repeat
  • 1169648 2025-002
    Material Weakness Repeat
  • 1169650 2025-003
    Material Weakness Repeat
  • 1169651 2025-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $1.16M
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $324,470