Finding 41974 (2022-001)

Requirement

Questioned Costs

Year

2022

Accepted

2022-10-13

Audit: 46311

Organization: Epsom Elderly Housing, Inc. (NH)

Auditor: Leone McDonnell & Roberts P A

AI Summary

Issue: One monthly deposit to the Reserve for Replacement was made late.
Requirements Impacted: HUD mandates timely monthly deposits to the Reserve for Replacement account.
Follow-up: Implement procedures to ensure all future deposits are made on time to comply with regulations.

Finding Text

Department of Housing and Urban Development - Section 202 14.157 2022-001 Condition: One of the monthly Reserve for Replacement deposits was not deposited in the correct month. Criteria: HUD requires monthly deposits to the Reserve for Replacement account. Effect: Monthly deposit was not made timely. Context: Auditor reviewed the monthly bank statements and noted one deposit was not made in the correct month. Cause: Lack of oversight by management agent. Recommendation: A procedure be implemented to ensure that the Project remains in compliance with its regulatory agreement and all monthly reserve for replacement deposits are made timely.

Corrective Action Plan

Finding 2022-001:Plan: Reserve for Replacement transfers will be done at the beginning of each month to insure they are properly deposited into the correct month. Anticipated completion date: 1/1/2022 Contact: Jill Lesmerises, CFO and Robert Plante, Director of Housing

Other Findings in this Audit

41975 2022-001

-
618416 2022-001

-
618417 2022-001

-

Programs in Audit

ALN	Program Name	Expenditures
14.157	Supportive Housing for the Elderly	$3.45M