Finding 23095 (2022-005)

-
Requirement
A
Questioned Costs
-
Year
2022
Accepted
2022-10-30

AI Summary

  • Core Issue: Loans totaling $54,930 have been made to affiliated companies, violating HUD regulations.
  • Impacted Requirements: Loaning funds to other entities is prohibited under HUD guidelines.
  • Recommended Follow-Up: Repay the loans immediately and ensure future expenses are reimbursed promptly.

Finding Text

At June 30, 2022, loans totaling $54,930 have been made to other companies affiliated with management of Henderson County Health Care Corporation - Two. Criteria. Loaning of funds to other entities is prohibited by HUD regulations. Cause. Management processes payroll and some other expenditures through Henderson County Health Care Corporation - Two and is then to repay the portion of the payroll and other expenses that are attributed to other companies. These repayments are not being made at the time of the expenditure, thus the amounts due from these companies has grown significantly. Effect. The complex is in violation of HUD requirements. Recommendation. We recommend that these loans be repaid immediately, and future payroll costs and other expenditures paid by Henderson County Health Care Corporation - Two, be repaid immediately upon the processing of these expenditures.

Corrective Action Plan

To reduce operating costs, payroll costs and other shared expenses are initially processed and paid through Redbanks Towers and Apartments. The other two affiliated properties managed by Henderson County Health Care Corporation, II reimburse Redbanks Towers and Apartments for their proportionate share of the costs. The $54,930 are not loans to the other affiliated properties. The amount can be attributed to timing differences and billing the affiliated properties after an expense is paid. Due to employee issues and turnover, some of the reimbursements were not made in a timely manner. Management has taken proactive steps to ensure timely reimbursement in the future, including but not limited to, outsourcing accounts payable, changes in staffing, monitoring the intercompany reimbursements, etc. As of October 4, 2022, $43,404.81 of the amount has been reimbursed to Redbanks Towers and Apartments. The balance of $11,525.42 will be reimbursed as soon as possible.

Categories

HUD Housing Programs Matching / Level of Effort / Earmarking

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $4.51M
14.195 Section 8 Housing Assistance Payments Program $650,892