FAC Explorer

Finding 1224923 (2023-003)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2026-07-29
Audit: 408175
Organization: Salem Housing Development Corporation (NE)
Auditor: DAUBY O'CONNOR & ZALESKI LLC

AI Summary

  • Issue: No segregated security deposit account was established as of December 31, 2023.
  • Impact: A liability of $11,902 remains unfunded, which could lead to financial discrepancies.
  • Recommendation: Establish a segregated account and ensure the liability is properly funded to comply with requirements.

Finding Text

As of December 31, 2023, there was no segregated security deposit account and the liability of $11,902 was not properly funded.

Corrective Action Plan

Management agrees with the recommendation and will fund the security deposit account in 2026.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1224921 2023-001
    Material Weakness Repeat
  • 1224922 2023-002
    Material Weakness Repeat
  • 1224924 2023-004
    Material Weakness Repeat
  • 1224925 2023-005
    Material Weakness Repeat
  • 1224926 2023-006
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $1.67M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $399,566