Finding 1223629 (2025-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2025

Accepted

2026-07-14

Audit: 407124

Organization: Sain Just Home for the Elderly, Inc. (PR)

Auditor: RAO ASSOCIATES LLC

AI Summary

Answer: Management failed to deposit sufficient funds to cover the Tenant Deposits Liability.
Trend: This indicates a recurring issue with financial management and compliance regarding tenant deposits.
List: Follow up by reviewing deposit procedures, ensuring compliance with liability coverage, and implementing corrective actions.

Management did not deposit the enough amount to cover Tenants Deposits Liability

Management is currently evaluating the alternatives to cover the underfunded amount

ALN	Program Name	Expenditures
14.155	MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS	$2.05M
14.856	LOWER INCOME HOUSING ASSISTANCE PROGRAM SECTION 8 MODERATE REHABILITATION	$773,015