FAC Explorer

Finding 501892 (2023-001)

-
Requirement
N
Questioned Costs
$1
Year
2023
Accepted
2024-10-07
Audit: 324038
Organization: Gran Signora Development Corporation (OH)
Auditor: Stemen Mertens Stickler CPAS & Associates

AI Summary

  • Answer: The corporation has a shortfall where the cash for tenant security deposits is lower than what is owed.
  • Trend: This indicates a potential risk in managing tenant funds and could lead to compliance issues.
  • List: Review cash management practices, ensure accurate accounting of liabilities, and consider adjusting deposit policies.

Finding Text

The Corporation's tenant security deposit cash is less than the tenant security deposit liability.

Corrective Action Plan

Management concurs with the audit finding of underfunded security deposits and will deposit funds back to the cash account as cash flow permits.

Categories

Questioned Costs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $1.24M
14.195 Project-Based Rental Assistance (pbra) $212,824