Finding 1169812 (2025-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2025

Accepted

2026-01-20

Audit: 382955

Organization: Cleveland Voa Elderly Housing, INC (azalea Terrace) (VA)

Auditor: MADDOX & ASSOCIATES APC

AI Summary

Answer: The replacement reserve is short by $40,203.
Trend: This indicates a consistent issue with funding levels for future replacements.
List: Review funding strategies, assess future replacement needs, and adjust budget allocations accordingly.

The replacement reserve is deficient in the amount of $40,203.

Management agrees with the finding. The project repaid the loan on August 19, 2025.

ALN	Program Name	Expenditures
14.157	SUPPORTIVE HOUSING FOR THE ELDERLY	$2.22M