Finding Text
Findings Completed 2022-002 Assistance Listing #14.157 Finding: The Project made a withdrawal from its Reserve for Replacement account that was not approved by HUD. Criteria: All withdrawals from the Project?s Reserve for Replacement account are required to be approved by HUD. Questioned Costs: $1,875 Effect: The Reserve for Replacement account is underfunded by $1,875. Cause: There was an error in transferring funds from the Residual Receipts account which was inadvertently made to the Reserve for Replacement account. Recommendation: Management deposited $1,875 into the Reserve for Replacement account on December 9, 2022. Reply: Management agrees with the finding and deposited $1,875 into the Reserve for Replacement account on December 9, 2022.