Finding 47783 (2022-002)

S3800-010 Finding Reference Number ? 2022-002 S3800-011 Title and CFDA Number of Federal Program ? Section 811 HUD Capital Advance 14.181 S3800-015 Type of Finding ? Federal Award S3800-016 Finding Resolution Status ? Open S3800-017 Information on Universe Population Size ? N/A S3800-018 Sample Size Information ? N/A S3800-019 Identification of Repeat Finding and Finding Reference Number ? N/A S3800-020 Criteria ? In accordance with the Regulatory Agreement between the Corporation and HUD, the Corporation is required to make monthly deposits, in an amount determined by HUD, into a replacement reserve account. S3800-030 Statement of Condition ? The Corporation failed to make 5 of the 12 required monthly deposits into the replacement reserve account. S3800-032 Cause ? Unknown. S3200-033 Effect or Potential Effect ? The Corporation is in violation of its Regulatory Agreement entered into between the Corporation and HUD. S3800-035 Auditor Non-Compliance Code - N S3800-040 Questioned Costs - $5,835 S3800-045: Reporting Views of Responsible Officials ? Management will deposit $5,835 into the reserve for replacement account immediately. S3800-050 Context ? The Corporation failed to make the required deposits into the replacement reserve account. S3800-080 Recommendation ? The Corporation needs to make sure required monthly deposits into the replacement reserve account are made in a timely manner. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Findings and Recommendations ? Management is aware of the requirement and will confirm all future required monthly deposits are made. S3800-130 Response Indicator ? Agree S3800-140 Completion Date ? April 2022 S3800-150 Response ? Management is aware of the requirement and will confirm all future required monthly deposits are made.