FAC Explorer

Finding 2701 (2023-001)

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Requirement
N
Questioned Costs
-
Year
2023
Accepted
2023-11-29
Audit: 4570
Organization: Housing Partners for Positive Living, Inc. (RI)
Auditor: D'ambra CPA

AI Summary

  • Answer: The property made an extra deposit of $299 into the replacement reserve account.
  • Trend: This issue arose due to management oversight in following HUD regulations.
  • List: Management plans to correct this by reducing next year's deposits by the excess amount.

Finding Text

Federal program - Section 811: Criteria - HUD regulations require a specified amount to be deposited monthly to the replacement reserve account; Condition - the property deposited an extra month’s deposit to the replacement reserve account resulting in an excess deposit totaling $299; Cause - management oversight; Recommendation - management should reduce the next year deposits by the excess amount. Response: Management will reduce the next year deposits by the excess amount deposited.

Corrective Action Plan

Management will reduce next year deposits by the excess amount deposited. HOC has made significant changes to our software systems, expanding our finance team and restructuring functions to improve financial record keeping. The Senior Accountant responsible for this property, Corey Krajewski (krajewkis@wdchoc.org) will ensure that errors will not occur in the future

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $128,246