FAC Explorer

Finding 499016 (2023-003)

Significant Deficiency Repeat Finding
Requirement
ABIJL
Questioned Costs
-
Year
2023
Accepted
2024-09-27
Audit: 321802
Organization: Anamosa Senior Citizens Housing INC (IA)
Auditor: Hacker Nelson & CO PC

AI Summary

  • Issue: The Corporation has not made the necessary annual payments to the reserve funds.
  • Impact: This could lead to non-compliance with USDA-Rural Development regulations.
  • Next Steps: Discuss required minimum amounts and annual payment plans with USDA for each apartment building.

Finding Text

Finding 2023-003 Reserve Funds Condition: The required annual payments have not been made to the reserve funds. Criteria: The Corporation is required to make annual payments to the reserve funds until the funds reach a minimum dollar amount. Cause: There is not a system in place to make the required annual payments to the reserve funds. Effect: Not funding the reserve funds could adversely affect the Corporation’s compliance with the USDA-Rural Development regulations. Recommendation: We recommend that the Corporation discuss with the USDA the required minimum amounts in the reserve funds and determine what the annual payments should be for each apartment building. Repeat Finding: Yes.

Corrective Action Plan

Recommendation: We recommend that the Corporation discuss with the USDA the required minimum amounts in the reserve funds and determine what the annual payments should be for each apartment building. Action Taken: We agree with the auditor and will take under advisement. Anticipated Date of Completion: December 31, 2024

Categories

No categories assigned yet.

Other Findings in this Audit

  • 499014 2023-001
    Significant Deficiency Repeat
  • 499015 2023-002
    Significant Deficiency Repeat
  • 499017 2023-001
    Significant Deficiency Repeat
  • 499018 2023-002
    Significant Deficiency Repeat
  • 499019 2023-003
    Significant Deficiency Repeat
  • 1075456 2023-001
    Significant Deficiency Repeat
  • 1075457 2023-002
    Significant Deficiency Repeat
  • 1075458 2023-003
    Significant Deficiency Repeat
  • 1075459 2023-001
    Significant Deficiency Repeat
  • 1075460 2023-002
    Significant Deficiency Repeat
  • 1075461 2023-003
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
10.427 Rural Rental Assistance Payments $188,275
10.415 Rural Rental Housing Loans $94,594