Finding Text
1. Summary of auditors' results (i) Type of report issued on the financial statements: Unmodified (ii) Internal control over financial reporting: Material weaknesses identified? No Significant deficiencies identified? Yes, Finding 2022-001 (iii) Noncompliance material to the financial statements noted? No (iv) Internal control over major federal programs: Material weaknesses identified? No Significant deficiencies identified? Yes, Finding 2022-001 (v) Type of report issued on compliance for major programs: Unmodified opinion. (vi) Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes (vii) Major program: Section 202 Capital Advance ALN: 14.157 (viii) Dollar threshold used for distinguishing Types A and B programs: $750,000 (ix) Auditee qualified as a low-risk auditee? No 2. Findings required to be reported in accordance with generally accepted government auditing standards 2022-001: Capital Advance ALN: 14.157 ? Replacement Reserve Deposits ? Finding Resolution Status: In Process ? Information on Universe Population Size: Twelve monthly deposits ? Sample Size Information: Twelve ? Identification of Repeat Finding and Finding Reference Number: 2021-001 ? Criteria: Under the Capital Advance agreement, HUD requires monthly deposits to the replacement reserve account for future capital expenditures.