Finding 519312 (2024-001)

S3800-010 Finding reference number 2024-001 S3800-011 Title and AL number of federal program Supportive Housing for the Elderly #14.157 S3800-015 Type of finding Federal Award Finding S3800-016 Finding resolution status In Process S3800-017 Information on universe population not applicable S3800-018 Sample information not applicable S3800-019 Identification of repeat finding and finding reference number NA S3800-020 Criteria The Regulatory Agreement between HUD and the owner stipulates that project make required monthly deposits into the replacement reserve account. S3800-030 Statement of condition The Organization did not make the required monthly deposits into the replacement reserve account. S3800-032 Cause The Organization did not have the cash flow available to make the required deposits. S3800-033 Effect or potential effect Cash may be unavailable to meet reasonable and necessary obligations of the project. S3800-035 Auditor non-compliance code N - Reserve for Replacement Reserve S3800-040 Questioned costs $17,472 S3800-037 Property associated with the finding 054-EE-029 S3800-038 Questioned costs $0 S3800-045 Reporting views of responsible officials Management agrees S3800-050 Context not applicable S3800-080 Recommendation When cash becomes available, the Organization will deposit the underfunded amount into the replacement reserve account. S3800-090 Auditors' Summary of the Auditee's Comments on the Findings and Recommendations Management agrees S3800-130 Response indicator Agreed S3800-140 Anticipated Completion Date 12/31/2024 S3800-150 Response Management is working to repay the funds to the project