Finding 1210888 (2025-002)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2025
Accepted
2026-04-30

AI Summary

  • Core Issue: The Organization failed to make a required payment of $78,704 on the Mortgage Restructuring Loan for 2025.
  • Impacted Requirements: This is a repeat finding indicating ongoing noncompliance with loan payment terms, highlighting a material weakness in internal controls.
  • Recommended Follow-Up: Implement stronger internal controls and monitoring processes to ensure timely compliance with loan payment obligations.

Finding Text

Finding 2025-002: Lower Income Housing Assistance Program – Section 8 New Construction/ Substantial Rehabilitation Assistance Listing Number: 14.182 U.S. Department of Housing and Urban Development (Repeat of Finding 2024-003) Compliance Requirements: Special Tests and Provisions Type of finding: Internal Control Over Compliance (material weakness) and Compliance (material noncompliance) Criteria: Mortgage Restructuring Loan terms require an annual payment of 85% of restricted surplus cash to be paid on the note. Condition: The Organization did not make the required $78,704 payment on the Mortgage Restructuring Loan in 2025. Cause: The Organization has not established a monitoring process to ensure that required payments are made in accordance with the terms of the loan. Effect: Noncompliance with the Mortgage Restructuring Loan payment terms. Recommendation: The Organization should strengthen its internal controls with adopted policies and procedures to establish a monitoring process to ensure compliance with Mortgage Restructuring Loan terms and conditions. Grantee’s Response: See corrective action plan

Corrective Action Plan

Finding 2025-002: Lower Income Housing Assistance Program – Section 8 New Construction/ Substantial Rehabilitation Assistance Listing Number: 14.182 U.S. Department of Housing and Urban Development (Repeat of Finding 2024-003) Compliance Requirements: Special Tests and Provisions Type of finding: Internal Control Over Compliance (material weakness) and Compliance (material noncompliance) Recommendation: The Organization should strengthen its internal controls with adopted policies and procedures to establish a monitoring process to ensure compliance with Mortgage Restructuring Loan terms and conditions. Action Taken: Action Taken: The Organization has accepted the recommendation to strengthen internal controls regarding Mortgage Restructuring Loan terms. We are currently in active remediation, working in direct coordination with our HUD Account Exexuctive, to ensure our adopted policies align with the federal requirments. Our HUD Account Exexuctive, has been notified of the finalized 2025 Auditied financials and are currently working to set up a time to discuss a Management Action Plan regarding a recommedation for Mortgage Restructuring controls. If these are questions regarding this plan, please call the responsible part at (719)852-5578. Sincerely yours, Brenda Quintana Administrator Tri-County Senior Citizens and Housing, Inc.

Categories

Special Tests & Provisions Subrecipient Monitoring HUD Housing Programs Material Weakness Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Programs in Audit

ALN Program Name Expenditures
14.182 LOWER INCOME HOUSING ASSISTANCE PROGRAM_SECTION 8 NEW CONSTRUCTION/SUBSTANTIAL REHABILITATION $839,905
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $204,060