Finding Text
Federal Award Findings and Questioned Costs S3800-010 Finding Reference Number 2025-1 S3800-011 Title and ALN Number of Federal Program 14.157 Supportive housing for the elderly S3800-015 Type of Finding Federal Award Finding S3800-016 Finding Resolution Status In process S3800-017 Information on Universe Population Size N/A S3800-018 Sample Size Information N/A S3800-019 Identification of Repeat Finding and Finding Reference No S3800-020 Criteria The Regulatory Agreement requires monthly deposits to the Replacement Reserve account. S3800-030 Statement of Condition The Corporation did not make the required deposits to the Replacement Reserve account. S3800-032 Cause Lack of cash flow due to lack of receipt of rental assistance payments. S3800-033 Effect The Project's Replacement Reserve account is underfunded and is not compliant with the Regulatory Agreement. S3800-035 Auditor Non-Compliance Code N - Reserve for Replacements Deposits S3800-037 FHA/Contract Number 052-EE035 S3800-038 Questioned Costs $16,544 S3800-050 Context The Corporation, despite multiple efforts from management, did not receive all of the outstanding rental assistance payments from HUD during the year and thus did not have the cash flow to be able to make the deposits to the Replacement Reserve account in the amount of $16,544. S3800-080 Recommendation The Corporation should deposit $16,544 into the Replacement Reserve account as cash flow permits.