FAC Explorer

Finding 478287 (2024-005)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2024-07-11
Audit: 314972
Organization: Belmont Elderly Housing, Inc. (NH)
Auditor: Leone McDonnell & Roberts P A

AI Summary

  • Core Issue: The management agent is not completing duties on time, leading to significant vacancies and expired tenant subsidies.
  • Impacted Requirements: Timely filling of tenant units, annual recertification of existing tenants, and accurate management fee adjustments.
  • Recommended Follow-Up: Hire a consultant to help the management agent until they are fully staffed.

Finding Text

Finding 2024-005: Material Weakness Information on universe/sample size: It was noted during testing that the management agent was not able to perform management duties in a timely manner. Condition: All management agent duties should be performed timely. Criteria: Tenant units should be filled in a timely manner; existing tenants need to be recertified annually and management fee needs to be adjusted for vacancies. Effect: There were significant vacancies, some tenant’s subsidies had expired, and the management fee was overstated. Context: Auditor noted the vacancies and file issues during testing. Cause: Significant turnover at the management agent. Recommendation: The management agent should hire a consultant to assist with performing the necessary management agent duties until they are fully staffed.

Corrective Action Plan

Plan: The management agent has already started exploring consulting options to support the performance of duties, ensuring file accuracy, timely and accurate recertifications, and prompt filling of vacancies. Anticipated Completion Date: 09/30/2024 Responsible person: Jackie Oliveira, Director of Affordable Housing

Categories

Material Weakness

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $2.35M