FAC Explorer

Finding 519899 (2023-001)

- Repeat Finding
Requirement
C
Questioned Costs
$1
Year
2023
Accepted
2025-01-22
Audit: 339229
Organization: Rodsewood Housing Corporation (MO)
Auditor: Ralph C Johnson & CO PC

AI Summary

  • Core Issue: The Project only made 11 months of deposits, resulting in a $580 shortage in the reserve for replacement account.
  • Impacted Requirements: Monthly deposits to the reserve are required by HUD guidelines, which were not fully met.
  • Recommended Follow-Up: Management should fund the reserve shortage of $580 as soon as possible.

Finding Text

Finding 2023-001- Replacement Reserve Deposits Condition Found The Project only made 11 months of deposits for a total of $5,660. The deposits should have totaled $6,240 . Criteria: According to HUD’s guidelines, a Project must make monthly deposits to the reserve for replacement account. Cause: Project management did not make the required monthly deposit, causing a shortage in the reserve for replacement account for the year ending June 30, 2023. Effect The Project did not make the required deposit. Recommendation: The overall reserve shortage of $580 should be funded as soon as possible. Current Status Management will fund the reserves as soon as funds are available.

Corrective Action Plan

Finding No 2023-001 Name of Responsible Party Fred Gibbs FK Gibbs Company, LLC PO Box 410312 Kansas City, MO 64141 Fred@fkgibbs.com M: 913.709.1811 Views of Responsible Official and Corrective Action Expected Date of Completion:

Categories

Questioned Costs HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $1.38M
14.195 Section 8 Housing Assistance Payments Program $57,616