Finding Text
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2025-003: SECTION 202, ASSISTANCE LISTING NUMBER 14.157 Condition: The Project's replacement reserve cash balance was underfunded at September 30, 2025. Criteria: The management company failed to make the correct monthly deposit amount into the account. Effect: The replacement reserve cash balance was $88 less than it should be at September 30, 2025. Context: Activity in the replacement reserve account for the year ended September 30, 2025 was tested. No sample was tested. Questioned Costs - $88; Cause: The management company failed to increase the monthly deposit amount during the correct month. Recommendation: The Project should deposit $88 into the replacement reserve account. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will deposit $88 into the replacement reserve account. Total-Department of Housing and Urban Development - $88; Non-compliance code: N