Finding 401313 (2024-001)

Requirement

Questioned Costs

Year

2024

Accepted

2024-06-20

Audit: 309378

Organization: St. Bernard Manor (LA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the replacement reserve are short by $530.
Trend: This deficiency indicates a potential ongoing issue with funding levels.
List: Follow up by reviewing deposit schedules and adjusting future contributions to meet requirements.

REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $530.

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	$3.13M
14.195	Section 8 Housing Assistance Payments Program	$674,973
14.239	Home Investment Partnerships Program	$431,068