Finding 392810 (2023-001)

Requirement

Questioned Costs

Year

2023

Accepted

2024-04-10

Audit: 303128

Organization: South Central Housing, Inc. (IN)

Auditor: Comer Nowling and Associates PC

AI Summary

Issue: The Corporation did not make the necessary monthly deposits into the replacement reserve account.
Trend: This could lead to insufficient funds for future repairs or replacements, impacting financial stability.
Follow-up: Ensure immediate deposits are made and establish a monitoring process to prevent future lapses.

The Corporation failed to make required monthly deposits into the replacement reserve account.

Management will deposit $14,004 into the reserve for replacement account unless a retroactive suspension of deposits is granted.

ALN	Program Name	Expenditures
14.181	Supportive Housing for Persons with Disabilities	$99,541