FAC Explorer

Finding 2092 (2023-001)

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Requirement
N
Questioned Costs
-
Year
2023
Accepted
2023-11-17
Audit: 3649
Organization: Opendoors Housing LLC (RI)
Auditor: D'ambra CPA

AI Summary

  • Answer: The security deposit for Section 8 Rental Assistance is underfunded by $831.
  • Trend: This issue arose due to management oversight in funding requirements.
  • List: Management plans to transfer funds from the operating account to correct the underfunding.

Finding Text

Federal program - Section 8 Rental Assistance: Criteria - HUD regulations require the security deposits to be fully funded; Condition - the security deposit cash is underfunded by $831; Cause - management oversight; Recommendation - management should transfer funds from the operating account to the security deposit account to fully fund the escrow. Response: Management will transfer sufficient funds to fully fund the deposits.

Corrective Action Plan

HOC has made significant changes to our software systems, expanded our finance team and restructured functions to improve financial record keeping. The Senior Accountant responsible for this property, Corey Krajewski (krajewski@wdchoc.org), will ensure that the account will be fully funded

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.265 Rural Capacity Building for Community Development and Affordable Housing Grants $850,000
14.239 Home Investment Partnerships Program $500,000
14.195 Section 8 Housing Assistance Payments Program $157,022