Finding Text
S2700-005 Finding Reference Number 2024-02
S2700-006 Finding Status Ongoing
S2700-007 Population Size N/A
S2700-008 Sample Size N/A
S2700-009 Noncompliance Information Project was required to fund the Replacement
Reserve with deposits totaling $350 per month.
S2700-010 Statement of Condition The project failed to make monthly deposits into
the Replacement Reserve account.
S2700-020 Criteria Project is required to comply with the
Replacement Reserve deposit dequirements
from HUD.
S2700-030 Effect Replacement Reserve was underfunded.
S2700-040 Cause Controls were not in place to maintain
compliance with Replacement Reserve funding
requirements.
S2700-050 Recommendation Implement procedures to prevent the
Replacement Reserve from being underfunded.
Make a deposit for underfunded Replacement
Reserve deposits and to correct the amount
deposited monthly for future deposits.
S2700-055 Auditor Non-Compliance Code N - Reserve for Replacement Deposits
S2700-065 Amount of Questioned Costs $2,450
S2700-100 Summary of Auditee's
Comments
Management concurs with the finding and
recommendation
S2700-070 Finding Response Concur
S2700-075 Recommendation Response Agree
S2700-080 Completion Date Ongoing
S2700-090 Actions Taken or Planned on
the Finding
Management agrees with the finding and will
implement controls to prevent the Replacement
Reserve from being underfunded in the future.