Finding 1208580 (2025-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2025

Accepted

2026-04-23

Audit: 399544

Organization: Golden Terrace Village Iv, Inc. (TX)

Auditor: DAVIS RAY & CO PC

AI Summary

Answer: An unauthorized distribution was made from the replacement reserve account by the project owner.
Trend: This incident highlights a pattern of insufficient oversight regarding account access and fund management.
List: Recommend implementing stricter controls and regular audits on reserve account transactions to prevent future unauthorized distributions.

Project owner made an unauthorized distribution from the replacement reserve account.

The office manager will consult with HUD officials from the Fort Worth, TX servicing office and comply with their recommendations.

ALN	Program Name	Expenditures
14.157	SUPPORTIVE HOUSING FOR THE ELDERLY	$1.60M
14.195	SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM	$21,619