FAC Explorer

Finding 50527 (2022-001)

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Requirement
C
Questioned Costs
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Year
2022
Accepted
2023-03-26
Audit: 44757
Organization: Snyder Senior Citizens, Inc. (TX)
Auditor: Davis Ray & CO PC

AI Summary

  • Core Issue: The project owner missed a required deposit to the replacement reserves account.
  • Impacted Requirements: Monthly deposits are mandated by HUD and USDA Rural Development guidelines.
  • Recommended Follow-Up: Ensure the project owner continues to make timely deposits moving forward.

Finding Text

Finding No. 2022-001: Replacement Reserves Statement of Condition: Project owner failed to make one required deposit to the designated replacement reserves accounts per HUD and USDA Rural Development guidelines. Criteria: HUD and USDA Rural Development require the project owner to make monthly deposits to the replacement reserves accounts. Recommendation: Project owner needs to deposit the required monthly amounts to the respective replacement reserves accounts as soon as possible. Response: Project owner has subsequently made the required deposits.

Corrective Action Plan

USDA RURAL DEVELOPMENT FINDING NO.2022-001: REPLACEMENT RESERVES Recommendation: Project owner needs to deposit $1,963.08 into to the replacement reserves account as soon as possible. Action Taken: Management made the required deposit of $1,963.08 to the replacement reserves account on March 16, 2023.

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
10.415 Rural Rental Housing Loans $1.87M
10.427 Rural Rental Assistance Payments $110,868