Finding 383594 (2022-001)

-
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2024-03-22

AI Summary

  • Underfunded Reserve: The reserve for replacements account is short by $9,939 for the year ending June 30, 2022.
  • Compliance Issue: The Company failed to meet HUD requirements by not making the necessary monthly deposits of $3,313.
  • Action Taken: Management has acknowledged the issue and deposited the overdue amount on September 13, 2022.

Finding Text

Condition - The reserve for replacements account is underfunded by $9,939 for the year ended June 30, 2022. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157 - Supportive Housing for the Elderly, the Company is required to deposit $3,313 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Recommendation - We recommend that the delinquent deposits totaling $9,939 for the year ended June 30, 2022 be deposited into the reserve for replacements account as soon as possible. Management's Response - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: Management informed us that the amount has been deposited on September 13, 2022.

Corrective Action Plan

Name of auditee: Riverside Episcopal Housing Development Fund company, Inc. TIN: 014-EH261 Name of Audit Firm: EFPR Group, CPAs, PLLC Period covered by audit: June 30, 2022 CAP prepared by: James Juliano CFO/Vice President Episcopal Community Housing, Inc. (716) 929-5817 Current Finding on the Schedule of Findings and Questioned Costs and Recommendations 1) Finding 2022-001 (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: Management informed us that the amount has been deposited on September 13, 2022.

Categories

Special Tests & Provisions HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $1.06M
14.195 Section 8 Housing Assistance Payments Program $265,315