FAC Explorer

Finding 514546 (2024-001)

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Requirement
N
Questioned Costs
-
Year
2024
Accepted
2024-12-16
Audit: 332860
Organization: St. Mary's Episcopal Retirement Homes, Inc. Canterbury Apts (CA)
Auditor: Maddox & Associates Apc

AI Summary

  • Answer: Monthly deposits to the replacement reserve are short by $771.
  • Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
  • 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 $771.

Corrective Action Plan

MANAGEMENT AGREES WITH THE FINDING. THE REPLACEMENT RESERVE DEFICIENCY WILL BE FUNDED IN THE AMOUNT OF $771. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.`

Categories

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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 $3.87M
14.195 Section 8 Housing Assistance Payments Program $1.29M