Finding 529908 (2024-001)

Requirement

Questioned Costs

Year

2024

Accepted

2025-03-25

Audit: 347943

Organization: Vance County Elderly Housing Corporation T/a Heritage Homes (NC)

Auditor: Sharpe Patel PLLC

AI Summary

Answer: The Organization failed to make the correct monthly payments to the reserve for replacement as required by HUD.
Trend: This oversight indicates a lack of awareness regarding payment obligations, leading to potential compliance issues.
List: To resolve this, the Organization should monitor and ensure accurate monthly payments as outlined in the annual form HUD-9250.

Finding Text

Criteria: The Organization is required to make monthly payments set by HUD to the reserve for replacement. Condition: The Organization was not making the correct payment to the reserve for replacement account for the year. Effect: The Organization was in violation of the HUD requirements associated with their debt. Cause: The Organization was not aware that they were making the incorrect payments. Questioned costs: N/A Recommendation: The Organization should keep track of the monthly payments required as set by the annual form HUD-9250.

Corrective Action Plan

Name of Contact Person Sandra Stewart Corrective Action The property made a payment on September 18, 2024, to correct the amount in the reserve for replacement account and will keep track of required payments each month Proposed Completion Date 09/18/2024

Other Findings in this Audit

1106350 2024-001

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Programs in Audit

ALN	Program Name	Expenditures
14.157	Supportive Housing for the Elderly	$1.36M
14.195	Section 8 Housing Assistance Payments	$327,814