FAC Explorer

Finding 537440 (2020-003)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
$1
Year
2020
Accepted
2025-03-26
Audit: 348643
Organization: Salem Housing Development Corporation (NE)
Auditor: Dauby O'Connor & Zaleski LLC

AI Summary

  • Answer: The security deposit account was not set up as required.
  • Trend: This indicates a potential ongoing issue with funding and account management.
  • List: Follow up by establishing the segregated account and ensuring the liability is fully funded.

Finding Text

As of December 31, 2020, there was no segregated security deposit account and the liability of $10,281 was not properly funded.

Corrective Action Plan

Management agrees with the recommendation and will fund the security deposit account in 2025.

Categories

Questioned Costs

Other Findings in this Audit

  • 537438 2020-001
    Material Weakness Repeat
  • 537439 2020-002
    Material Weakness Repeat
  • 537441 2020-004
    Material Weakness Repeat
  • 537442 2020-005
    Material Weakness Repeat
  • 1113880 2020-001
    Material Weakness Repeat
  • 1113881 2020-002
    Material Weakness Repeat
  • 1113882 2020-003
    Material Weakness Repeat
  • 1113883 2020-004
    Material Weakness Repeat
  • 1113884 2020-005
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.83M
14.195 Project-Based Rental Assistance (pbra) $369,472