FAC Explorer

Finding 479599 (2024-001)

-
Requirement
B
Questioned Costs
-
Year
2024
Accepted
2024-07-29
Audit: 316155
Organization: Crf-Xi, Inc. Dba Providence Place of Marion Apartments (IN)
Auditor: Mayer Hoffman McCann PC

AI Summary

  • Core Issue: Delinquent deposit to the residual receipts account for Section 202 Capital Advance.
  • Impacted Requirements: Compliance with the Regulatory Agreement for future deposits.
  • Recommended Follow-Up: Ensure timely deposits once cash flow improves to avoid further issues.

Finding Text

Findings - Financial Statement Audit: None Findings - Federal Award Programs Audit: U.S. Department of Housing and Urban Development Finding 2024-001: Section 202 Capital Advance, CFDA 14.157. Recommendation: Make the required delinquent deposit to the residual receipts account and ensure all future deposits are made as required by the Regulatory Agreement. Action Taken: Management will make the deposit when cash flow is available. At March 31, 2024, the Company has a negative surplus cash.

Corrective Action Plan

Findings - Financial Statement Audit: None Findings - Federal Award Programs Audit: U.S. Department of Housing and Urban Development Finding 2024-001: Section 202 Capital Advance, CFDA 14.157. Recommendation: Make the required delinquent deposit to the residual receipts account and ensure all future deposits are made as required by the Regulatory Agreement. Action Taken: Management will make the deposit when cash flow is available. At March 31, 2024, the Company has a negative surplus cash.

Categories

Cash Management HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $2.05M