FAC Explorer

Finding 502448 (2024-001)

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Requirement
N
Questioned Costs
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Year
2024
Accepted
2024-10-10
Audit: 324466
Organization: Montrose Voa Elderly Housing Iii, INC (cimarron Village) (VA)
Auditor: Maddox & Associates Apc

AI Summary

  • Answer: The replacement reserve is short by $55,000.
  • Trend: This indicates a potential ongoing issue with funding for future replacements.
  • List: Review funding strategies and consider increasing contributions to the reserve.

Finding Text

The replacement reserve is deficient in the amount of $55,000.

Corrective Action Plan

Management Agrees with the finding. The replacement reserve deficiency is in the process of getting an extension on the loan.

Categories

No categories assigned yet.

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $4.39M
14.218 Community Development Block Grants/entitlement Grants $571,696