Finding Text
Statement of Condition: For the year ended December 31, 2023, the Organization deposited $26,351 into the Replacement Reserves account. Criteria: Per the regulatory agreement with HUD, the Organization is required to deposit $26,363 into the Replacement Reserves account for the period January 1, 2023 through December 31, 2023. Effect: The Replacement Reserves account was underfunded by $12. Cause: The Organization inadvertently failed to make the full 12 required monthly deposits. This was discovered during the year-end reconciliation process.
Recommendation: The Organization should deposit these monies to Replacement Reserves as quickly as possible.