Finding 45254 (2022-001)

Name of Auditee: St. Francis Apartments, Inc. HUD Auditee Identification Number: 024-EE142 Name of Audit Firm: Otis Atwell Period Covered by the Audit: For the Year Ended June 30, 2022 A. Current Findings on the Schedule of Findings, Questioned Costs, and Recommendations: 1. Finding 2022-001: a. Comments on the Finding: We concur that the required deposit of surplus cash to the residual receipts account that should have been made in FY 2019 was not made in either FY 2019, FY 2020, FY 2021 or FY 2022, resulting in underfunding of the residual receipts account of $22,643. b. Action(s) Taken or Planned on the Finding: The project had insufficient cash to make the required deposit. Management is in consultation with the HUD representative for an acceptable solution. B. Status of Corrective Actions on Findings Reported in the Prior Audit Schedule of Findings and Questioned Costs: 1. Finding 2021-001: Unresolved. Management is in consultation with the HUD representative for an acceptable resolution. Contact Person: Mike Pease, Executive Director, DBH Management, Inc.