FAC Explorer

Finding 1180658 (2024-004)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2026-03-17
Audit: 392327
Organization: West Warren Housing, Inc. 053-Ee004 (NC)
Auditor: DUNCAN ASHE P A

AI Summary

  • Answer: The tenant security deposit account was underfunded as of June 30, 2024.
  • Trend: Management mixed tenant deposits with operating funds, leading to insufficient cash to cover liabilities.
  • List: Review funding practices, separate tenant deposits from operating cash, and ensure adequate balances moving forward.

Finding Text

The tenant security deposit bank account was underfunded at June 30, 2024. Management commingled tenant security deposits with its operating cash and did not have sufficient cash balance in the tenant security deposits cash account to cover the tenant security deposits liability as of June 30, 2024.

Corrective Action Plan

Management should transfer funds from the operating account to fully fund the tenant security deposits account.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1180656 2024-002
    Material Weakness Repeat
  • 1180657 2024-003
    Material Weakness Repeat
  • 1180659 2024-005
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $2.19M