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Finding 369673
Finding 369673
(2023-001)
-
Requirement
P
Questioned Costs
$1
Year
2023
Accepted
2024-02-19
Audit:
291066
Organization:
The Salvation Army Chicago City Fund
(IL)
Auditor:
Comer Nowling and Associates PC
AI Summary
Answer:
The Corporation failed to fully fund the replacement reserve.
Trend:
This underfunding could lead to future financial shortfalls for maintenance and replacements.
List:
Review funding practices, assess potential impacts, and ensure compliance with funding requirements moving forward.
Finding Text
The Corporation did not fund the replacement reserve in the full amount required.
Corrective Action Plan
New management has taken over and will ensure annual budgets are submitted to HUD for approval in order to receive annual PRAC Renewals.
Categories
Questioned Costs
Other Findings in this Audit
369674
2023-002
-
946115
2023-001
-
946116
2023-002
-
Programs in Audit
ALN
Program Name
Expenditures
14.157
Supportive Housing for the Elderly
$323,332