Finding 1169809 (2025-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2025

Accepted

2026-01-20

Audit: 382941

Organization: Knox County Voa Elderly Hsg, Inc. (candleridge Plaza) (LA)

Auditor: MADDOX & ASSOCIATES APC

AI Summary

Issue: Surplus cash was not deposited into the residual receipts account within the required 90-day period.
Trend: This delay in deposits could indicate a pattern of non-compliance with financial procedures.
Follow-up: Review and reinforce deposit procedures to ensure timely compliance moving forward.

Surplus cash was not deposited into the residual reciepts account within 90 days.

Management agrees with the finding. Management will ensure that the residual receipts account is properly funded in the future.

ALN	Program Name	Expenditures
14.155	MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS	$3.11M
14.195	SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM	$494,285
14.191	MULTIFAMILY HOUSING SERVICE COORDINATORS	$70,156