FAC Explorer

Finding 1173979 (2022-003)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2022
Accepted
2026-02-17
Audit: 387627
Organization: Salem Housing Development Corporation (NE)
Auditor: DAUBY O'CONNOR & ZALESKI LLC

AI Summary

  • Issue: No separate security deposit account was established as of December 31, 2022.
  • Impact: A liability of $11,902 is not adequately funded, which could lead to financial discrepancies.
  • Recommendation: Set up a segregated security deposit account and ensure the liability is fully funded.

Finding Text

As of December 31, 2022, there was no segregated security deposit account and the liability of $11,902 was not properly funded.

Corrective Action Plan

Management agrees with the recommendation and will fund the security deposit account in 2026.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1173977 2022-001
    Material Weakness Repeat
  • 1173978 2022-002
    Material Weakness Repeat
  • 1173980 2022-004
    Material Weakness Repeat
  • 1173981 2022-005
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $1.67M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $383,307