FAC Explorer

Finding 1217318 (2025-001)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2025
Accepted
2026-06-10
Audit: 403490
Organization: Astoria Gardens Tenant Association (CA)
Auditor: HOFFMAN SHORT

AI Summary

  • Core Issue: The project failed to deposit $21,073 in residual receipts for the year ended August 31, 2023.
  • Impacted Requirements: Compliance with financial deposit regulations was not met in the previous audit.
  • Recommended Follow-Up: Ensure timely deposits moving forward to avoid future findings.

Finding Text

There were open findings from the prior audit report, dated December 18, 2025, for the year ended August 31, 2024, issued by Leaf & Cole, LLP. as follows: FINDING NO. 2024-001: Residual Receipts Deposit. Condition: The Project if not deposit the residual receipts in the amount of $21,073 for the year ended August 31, 2023 to the residual receipts acccount. Status: As of August 31, 2025, required deposits in the amount of $21,073 have been deposied to the residual receipts reserve.

Corrective Action Plan

We recommend that the Project implemenRecommendation: We recommend that the Project implement monitoring processes to ensure timely identification and deposit of residual receipts with HUD requirements and to deposit $21,073 into the residual receipts reserve

Categories

Cash Management HUD Housing Programs

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $3.45M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $1.22M