FAC Explorer

Finding 518975 (2022-001)

Significant Deficiency
Requirement
C
Questioned Costs
-
Year
2022
Accepted
2025-01-13
Audit: 337424
Organization: Thomas Wilbur Homestead, INC (RI)
Auditor: Damiano Burk & Nuttall PC

AI Summary

  • Core Issue: Missing documentation for monthly rent rolls and tenant security deposit summaries.
  • Impacted Requirements: Compliance with record-keeping standards for tenant deposits.
  • Recommended Follow-Up: Implement a process for regular updates and documentation of rent rolls and security deposit summaries.

Finding Text

Criteria: Requirement to maintain evidence of monthly rent rolls and a current tenant security deposit liability summary. Statement of Condition: Lack of documented evidence demonstrating the maintenance of monthly rent rolls and a current tenant security deposit liability summary. Cause: Oversight in record-keeping procedures regarding the current status of tenant security deposits. Effect or Potential Effect: Potential delay in the return of security deposits for move-out tenants due to insufficient documentation and lack of segregation of funds. Recommendation: Establish and maintain documented monthly rent rolls and a current tenant security deposit liability summary into the month-end close process. Management’s Response: We recognize the need to promptly enact measures to uphold monthly rent roll maintenance and the ongoing review of tenant security deposit liabilities. .

Corrective Action Plan

United States Department of Housing and Urban Development Rhode Island Multifamily Program Center Thomas Wilbur Homestead respectfully submits the following corrective action plan for the year ended June 30, 2022. Name and address of independent public accounting firm: Damiano, Burk & Nuttall, P.C. 6 Blackstone Valley Place Suite 109 Lincoln, RI 02865 Audit period: For the year ended June 30, 2022 The findings from the June 30, 2022 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. Section A of the schedule, Summary of Audit Results, does not include findings and is not addressed. FINDINGS—FEDERAL AWARD PROGRAMS AUDITS DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2022-001: Section 811 Capital Advance Program and Project Rental Assistance Contract ALN# 14.181 Recommendation: Establish and maintain documented monthly rent rolls and a current tenant security deposit liability summary into the month-end close process. Action Taken: Management agrees with the auditor’s finding and recommendation. If the United States Department of Housing and Urban Development has questions regarding this plan, please email Laura Jaworski at laura@thehouseofhopecdc.org.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1095417 2022-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $39,360