FAC Explorer

Finding 29057 (2022-001)

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Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-02-14
Audit: 29953
Organization: Golden Ridge Housing Inc. (RI)
Auditor: D'ambra CPA

AI Summary

  • Core Issue: Monthly deposits to the replacement reserve were delayed from May to November, impacting compliance with federal regulations.
  • Impacted Requirements: Federal program Section 202 mandates timely monthly deposits to the replacement reserve.
  • Recommended Follow-Up: Ensure future deposits are made on time to avoid compliance issues; management commits to improving this process.

Finding Text

Federal program - Section 202: Criteria - Federal regulations require the Corporation to deposit a specific amount to the replacement reserve every month; Condition - deposits for the months of May through November were not made until December and the deposits were fully funded; Cause - the property was experiencing cash flow issues and could not afford to fund the monthly deposits until December; Recommendation - in the future the deposits should be made on a monthly basis. Response: Management will continue to strive to make the required monthly deposits in the future.

Corrective Action Plan

Golden Ridge Housing Inc. 14 Manchester Circle Coventry, RI 02816 February 9, 2023 Audit: FYE 2022; corrective action plan Finding 2022-001 ? late replacement reserve deposits Corrective action - Coventry Housing Authority, as Management Agent, will strive to make required monthly deposits to the Replacement Reserve account. Finding 2022-002 ? loan from replacement reserve not repaid Corrective action - Coventry Housing Authority, as Management Agent, will repay the Replacement Reserve advance in the amount of $7558 from the Operating funds account. Responsible Party: Management Agent Julie A. Leddy Executive Director Coventry Housing Authority 401-828-4367; jleddy@coventryhousing.org

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Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $92,004