FAC Explorer

Finding 1206484 (2024-003)

Material Weakness Repeat Finding
Requirement
E
Questioned Costs
-
Year
2024
Accepted
2026-04-13
Audit: 398519
Organization: Vermont Seniors (CA)
Auditor: COHNREZNICK LLP

AI Summary

  • Core Issue: As of December 31, 2024, there are no deposits made to the reserve for replacements, totaling $610,030.
  • Impacted Requirements: This lack of deposits may violate financial management policies regarding reserve funding.
  • Recommended Follow-Up: Review the funding strategy for the reserve and ensure timely deposits are made moving forward.

Finding Text

Condition/Context At December 31, 2024, deposits to the reserve for replacements account in a cumulative amount of $610,030 have not been made.

Corrective Action Plan

Management will work with HUD to come to a resolution to this matter.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1206479 2024-001
    Material Weakness Repeat
  • 1206480 2024-002
    Material Weakness Repeat
  • 1206481 2024-003
    Material Weakness Repeat
  • 1206482 2024-001
    Material Weakness Repeat
  • 1206483 2024-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.239 HOME INVESTMENT PARTNERSHIPS PROGRAM $10.96M
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $758,811