FAC Explorer

Finding 503025 (2024-001)

- Repeat Finding
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2024-10-16
Audit: 324996
Organization: Houston Voa Elderly Housing, INC (lakeview Place) (VA)
Auditor: Maddox & Associates Apc

AI Summary

  • Answer: Monthly deposits to the replacement reserve are short by $862.
  • Trend: This deficiency indicates a potential ongoing issue with funding adequacy.
  • List: Review deposit schedules, adjust future contributions, and monitor compliance regularly.

Finding Text

REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $862.

Corrective Action Plan

Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $862. Management will ensure the replacement reserve deposits are made on a timely basis in the future.

Categories

No categories assigned yet.

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.49M
14.195 Section 8 Housing Assistance Payments Program $646,748