FAC Explorer

Finding 2426 (2023-002)

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Requirement
N
Questioned Costs
-
Year
2023
Accepted
2023-11-27
Audit: 4162
Organization: East Long Pond Apartments, Inc. (RI)
Auditor: D'ambra CPA

AI Summary

  • Answer: The replacement reserve is overfunded by $588 due to excess deposits.
  • Trend: This issue stems from a management oversight regarding monthly deposit requirements.
  • List: Management plans to reduce future deposits to correct the overfunding.

Finding Text

Condition: The deposits to the replacement reserve exceeded the amount required by $588; Criteria: the PRAC contract specifies the amount of the monthly deposits to be funded; Effect: The replacement reserve is overfunded by $588; Cause: Management oversight. Recommendation: Management should reduce future deposits for the excess funds. Management comment: Management will reduce future deposits for the excess funds.

Corrective Action Plan

The extra check was cut due to confusion resulting from the condition mentioned in 2023-003. Going forward, the Finance Director will monitor the number of payments and make out the proper slip at the same time that the check is cut. Charles Lynch, Finance Director, will be the responsible party.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.239 Home Investment Partnerships Program $221,276
14.181 Supportive Housing for Persons with Disabilities $135,344