Finding 504953 (2024-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2024-11-08

Audit: 327704

Organization: St. Francis Apartments, Inc. (ME)

Auditor: Otis Atwell

AI Summary

Answer: The required deposit of surplus cash to the residual receipts account was not made for six consecutive fiscal years.
Trend: This oversight has led to a total underfunding of $22,643 in the residual receipts account.
List: Follow up by ensuring the deposit is made promptly and review processes to prevent future lapses.

Finding Text

We concur that the required deposit of surplus cash to the residual receipts account that should have been made in FY 2019 was not made in either FY 2019, FY 2020, FY 2021, FY 2022, FY 2023 or FY 2024, resulting in underfunding of the residual receipts account of $22,643.

Corrective Action Plan

The project had insufficient cash to make the required deposit. Management is in consultation with the HUD representative for an acceptable solution.

Other Findings in this Audit

1081395 2024-001

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
14.157	Supportive Housing for the Elderly	$6.47M