Finding Text
FINDING REF NUMBER: 2025-002: Title and CFDA Number of Federal Program: Section 811 Capital Advance CFDA # 14.181 Type of Finding: Federal Award Finding Finding Resolution Status: Unresolved Criteria: The Project is required to maintain make monthly deposits into the replacement reserve bank account. Statement of Condition: The Project’s replacement reserve bank account is underfunded $2,620. Cause: The Project’s management did not make the monthly deposits into the replacement reserve account. Effect or Potential Effect: The Project does not have the necessary funds in the replacement reserve account. Reporting Views of Responsible Officials: The Project’s management should deposit the monthly funds into the replacement reserve account as soon as possible, to bring the account to the correct balance. Recommendation: The Project’s management should deposit the monthly funds into the replacement reserve account as soon as possible, to bring the account to the correct balance. Auditor’s Summary of the Auditee’s Comments on the Finding Recommendations: The Project’s management should make the monthly deposits into the replacement reserve account. Response Indicator: Agree Completion Date: 03/20/2026 Response: The Project’s management will deposit the monthly funds into the replacement reserve bank account as soon as possible.