FAC Explorer

Finding 2013 (2022-001)

-
Requirement
P
Questioned Costs
$1
Year
2022
Accepted
2023-11-16
Audit: 3484
Organization: Fountain Court Consumer Housing Cooperative, Inc. (IN)
Auditor: Comer Nowling and Associates PC

AI Summary

  • Answer: The Cooperative fell short in fully funding the replacement reserve.
  • Trend: This underfunding could lead to future financial strain and inability to cover necessary repairs.
  • List: Recommend reviewing funding policies, adjusting budget allocations, and monitoring reserve levels regularly.

Finding Text

The Cooperative did not fund the replacement reserve in the full amount required.

Corrective Action Plan

Management will deposit $1,650 into the replacement reserve and confirm future deposits are made in accordance with HUD.

Categories

Questioned Costs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.108 Rehabilitation Mortgage Insurance $1.10M
14.195 Section 8 Housing Assistance Payments Program $955,553