FAC Explorer

Finding 396577 (2023-001)

-
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-05-13
Audit: 306146
Organization: Senior Citizens Housing Development Corporation of Ville Platte (FL)
Auditor: Bellows Associates P A

AI Summary

  • Core Issue: The Project underfunded the replacement reserve account by $7,590 due to missed monthly deposits.
  • Impacted Requirements: Monthly deposits to the reserve for replacement account are mandated by HUD regulations.
  • Recommended Follow-Up: Management should adopt new procedures and a checklist to ensure accurate and complete monthly deposits moving forward.

Finding Text

FINDING No. 2023-001: Section 202 Supportive Housing for the Elderly – Capital Advance, ALN 14.157 Finding Resolution Status: Resolved. Information on Universe Population Size: All replacement reserve deposits for the year ended September 30, 2023. Sample Size Information: All replacement reserve deposits for the year ended September 30, 2023. Identification of Repeat Finding and Finding Reference Number: No. Criteria: In accordance with HUD, required monthly deposits must be made to the Project’s reserve for replacement account. Statement of Condition: The Project underfunded the account by $7,590. Cause: The Project did not make all the required monthly deposits during the period. Effect or Potential Effect: Deficiently funded reserve for replacement account. Auditor Non-Compliance Code: N – Reserve for Replacements Deposits Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendation has been adopted. Recommendation: Management should implement procedures to ensure that the correct amount is deposited into the replacement reserve account each month. Response Indicator: Agree. Completion Date: 10/30/2023 Response: Deposits are made to the replacement reserves on a monthly basis. A new checklist is being implemented to ensure the accuracy of the amounts and completeness of transfers.

Corrective Action Plan

Oversight Agency for Audit, Senior Citizens Housing Development Corporation of Ville Platte respectfully submits the following corrective action plan for the year ended September 30, 2023. Name and address of independent public accounting firm: Bellows Associates, P.A., 5401 N University Drive, Suite 201, Coral Springs, Florida 33067 Audit period: October 1, 2022 through September 30, 2023 The finding from the September 30, 2023 schedule of findings and questioned costs is discussed below. The finding is numbered consistently with the number assigned in the schedule. SECTION III – FINDINGS AND QUESTIONED COSTS – MAJOR FEDERAL AWARD PROGRAMS AUDIT FINDING No. 2023-001: Section 202 Supportive Housing for the Elderly – Capital Advance, ALN 14.157 Recommendation: Management should implement procedures to ensure that the correct amount is deposited into the replacement reserve account each month. Action Taken: Deposits are made to the replacement reserves on a monthly basis. A new checklist is being implemented to ensure the accuracy of the amounts and completeness of transfers. If the Oversight Agency for Audit has questions regarding this plan, please call Irene Phillips at 954-835-9200. Sincerely yours, Irene Phillips CFO

Categories

HUD Housing Programs Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Section 202 Supportive Housing for the Elderly - Captial Advance $2.06M
14.157 Supportive Housing for the Elderly - Project Rental Assistance Contract $407,151