Finding 392736 (2023-001)

Requirement

Questioned Costs

Year

2023

Accepted

2024-04-09

Audit: 303020

Organization: Villa St. Maurice, Inc. (villa St. Maurice Apartments) (LA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the replacement reserve are short by $129.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
List: Follow up by reviewing deposit schedules and ensuring compliance with funding requirements.

Required monthly deposits to the replacement reserve are deficient in the amount of $129.

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	$3.79M
14.239	Home Investment Partnerships Program	$1.35M
14.195	Section 8 Housing Assistance Payments Program	$567,523