Finding Text
Finding Reference Number: 2022-001 Type of Finding: FA Finding Resolution Status: In Process Information on Universe Population Size: The finding was not a result of a sampling procedure. Sample Size Information: The finding was not a result of a sampling procedure. Identification of Repeat Finding and Finding Reference Number: This is not a repeat finding. Criteria: The regulatory agreement (as amended) requires monthly deposits of $2,615. Statement of Condition: The Project over-funded the replacement reserve in the amount of $943. Cause: The Project over-corrected for a change in the monthly deposit amount. Effect or Potential Effect: Replacement reserve is overfunded. Auditor Non-Compliance Code: N Questioned Costs: There are no questioned costs. The finding does not relate to an undocumented transaction or unreasonable expenditure. Reporting Views of Responsible Officials: Management agrees with the finding. Management will request from the lender the excess replacement reserve funds in the amount of $943. Context: The Project over-funded the replacement reserve in the amount of $943. Recommendation: Management should compare the required annual amount to the monthly deposits made to determine if the correct amount is deposited. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with the finding. Management will request from the lender the excess replacement reserve funds in the amount of $943. Response Indicator: Agree Completion Date: August 8, 2022 Response: Management agrees with the finding. Management will request from the lender the excess replacement reserve funds in the amount of $943.