FAC Explorer

Finding 554374 (2024-001)

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Requirement
L
Questioned Costs
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Year
2024
Accepted
2025-04-08
Audit: 352998
Organization: Lake Como Church of Christ Community of Hope, Inc. (TX)
Auditor: Maddox & Associates Apc

AI Summary

  • Answer: Monthly deposits to the replacement reserve are short by $135.
  • Trend: This deficiency indicates a potential ongoing issue with funding adequacy.
  • List: Review deposit schedules, adjust future contributions, and monitor compliance closely.

Finding Text

REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $135

Corrective Action Plan

MANAGEMENT AGREES WITH THE FINDING. THE RPLACEMENT RESERVE DEFICEINCY WILL BE FUNDED IN THE AMOUNT OF $135. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.

Categories

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Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.92M
14.195 Section 8 Housing Assistance Payments Program $292,427