Finding Text
Finding Number 2024-001 Federal Program 14.181 Supportve Housig for Persons with Disabilities: Capital Advance Program Type of Finding: Federal Award Finding Finding Resolution Resolved Condition The required deposits to the reserve for replacement account were not timely paid during the year ended June 30, 2024. Criteria The Regulatory Agreement requires monthly deposits to the reserve for replacement account. Effect: A required deposit to the reserve for replacement account was not paid. Cause: the required monthly deposit for one month was not deposited. Non-cmpliance code: N Questined Costs: $375 Recommendation: the Entity should pay the required deposit. Due to a temporary lack of funds in Castleton Homes, Inc.'s operating account, we were unable to make the required deposit to the reserve account. At that time, we were in the process of securing a loan from the reserve account to support our ongoing operating activities. During September 2024, the $375 deposit was paid to the reserve for replacement account.