FAC Explorer

Finding 478683 (2023-002)

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Requirement
P
Questioned Costs
$1
Year
2023
Accepted
2024-07-17
Audit: 315316
Organization: Nueces County Housing Assistance, Inc. (TX)
Auditor: Comer Nowling and Associates PC

AI Summary

  • Answer: The reserve for replacement is underfunded by $1,667 this year, with a total underfunding of $13,173.28 due to delays in prior increases.
  • Trend: Timely adjustments to the reserve have not been made in previous years, leading to cumulative underfunding.
  • List: Follow up by reviewing funding schedules and implementing timely adjustments to prevent future underfunding.

Finding Text

The Corporation’s reserve for replacement was underfunded by $1,667 for the current year. It was also determined that prior increases did not take place timely thus an additional underfunding from prior years exists for a total underfunding of $13,173.28.

Corrective Action Plan

Management will ensure all deposits to the replacement reserve account are made timely and any current deficit in the account is fully funded.

Categories

Questioned Costs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $2.85M
14.195 Section 8 Housing Assistance Payments Program $219,921