Finding Text
Finding reference number: 2025-002 - Title and AL Number of Federal Program: Supportive Housing for the Elderly - Section 202 Capital Advance (AL 14.157) - Type of finding: Compliance - Resolution Status: In process - Population size: N/A - Sample size: N/A - Repeat finding: No - Criteria: The Project missed one monthly deposit to the reserve for replacement in 2025. - Condition: During the year ended December 31, 2025, the eleven of the twelve required deposits to the reserve for replacement were made. - Cause: Management oversight - Effect: The Project will have to make an additional deposit of $1,317 in 2026, to cover the shortfall. - Noncompliance code: N - Failure to make required reserve for replacements deposits. - Questioned costs: N/A - Reporting views of officials: Auditee agrees with the finding. - Context: This was noted while performing audit procedures on the reserve for replacement. - Recommendation: The Project should ensure that the required monthly deposits are made to the reserve for replacement. - Auditors' summary of auditee's comments: They are in agreement. - Completion date: 12/31/2026 - Response: Management agrees with the findings and will make the additional deposit of $1,317 to the reserve for replacement account.