Finding 1171335 (2024-004)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2026-01-30

Audit: 384624

Organization: Casita Park Housing Development Fund Corporation (NY)

Auditor: COHNREZNICK LLP

AI Summary

Issue: The project failed to make the full required monthly deposits to the replacement reserve.
Impact: Out of $81,720 due, only $74,905 was deposited, leaving a shortfall of $6,810.
Follow-up: Ensure the remaining $6,810 is deposited and review processes to prevent future shortfalls.

Finding Text

During the year ended September 30, 2024, the project did not make the required monthly deposits to the replacement reserve. The project was required to make monthly deposits to the reserve in the amount of $6,810. Total cumulative deposits due to the replacement reserve during the year ended September 30, 2024 were $81,720 of which the project made deposits of $74,905 leaving an amount remaining due to the reserve of $6,810.

Corrective Action Plan

One month of replacement reserve funds was transferred back to the operating account due to serious cashflow issues. Funds have been transferred back into the replacement reserve account.

Other Findings in this Audit

1171333 2024-002

Material Weakness Repeat
1171334 2024-003

Material Weakness Repeat
1171336 2024-005

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
14.157	SUPPORTIVE HOUSING FOR THE ELDERLY	$10.97M