FAC Explorer

Finding 1240671 (2025-002)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2025
Accepted
2026-10-19
Audit: 415065
Organization: Booth Manor, Inc. (IN)
Auditor: COMER NOWLING AND ASSOCIATES PC

AI Summary

  • Answer: Monthly deposits of $18,000 to the replacement reserve were not made in 2024 and 2025 due to management changes.
  • Trend: Prior to management change, only $15,000 was deposited in the year before, indicating a pattern of underfunding.
  • List: Follow up on the need for consistent management practices to ensure timely deposits to the replacement reserve.

Finding Text

Monthly deposits totaling $18,000 should have been made to the replacement reserve during 2024. After the change in management in prior year, deposits were not made. Only $15,000 of deposits were made during the year prior to the change in management. Monthly deposits totaling $18,000 should have been made to the replacement reserve during 2025. After the change in management company during the current year, no deposits were made.

Corrective Action Plan

New management has taken over and will make the delinquent deposit to the replacement reserve of $21,000 and establish transfers for the monthly deposit amount.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1240670 2025-001
    Material Weakness Repeat
  • 1240672 2025-003
    Material Weakness Repeat
  • 1240673 2025-004
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $256,407