Finding 392735 (2023-001)

- Repeat Finding

Requirement

Questioned Costs

Year

2023

Accepted

2024-04-09

Audit: 303018

Organization: Dubourg Home (place Dubourg Apartments) (LA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the replacement reserve are short by $378.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
List: Recommend reviewing deposit schedules and adjusting future contributions to meet requirements.

Required monthly deposits to the replacement reserve are deficient in the amount of $378.

Management agrees with the finding. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$4.25M
14.195	Section 8 Housing Assistance Payments Program	$975,949