FAC Explorer

Finding 1172322 (2024-002)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2026-02-03
Audit: 385352
Organization: Newburg Retirement Center, Inc. (CA)
Auditor: ANDERSON LUCAS SOMERVILLE & BORGES

AI Summary

  • Answer: The tenant Security Deposit account lacked enough funds to match the total liability as of December 31, 2024.
  • Trend: This indicates a recurring issue with maintaining adequate balances in security deposit accounts.
  • List: Review account management practices, ensure timely deposits, and monitor balances regularly to prevent future discrepancies.

Finding Text

The organization did not have a sufficient balance in their tenant Security Deposit bank account to cover the full amount of the related Security Deposit liability balance at December 31, 2024.

Corrective Action Plan

At December 31, 2024, the balance in the Tenant Security Deposit bank account was less than the related Security Deposit liabilty amount by $1,896. We have recently transferred the amount of the Decemebr 31, 2024 shortfall into the Secuirt Deposit bank account.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1172321 2024-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $1.01M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $239,584