FAC Explorer

Finding 576559 (2023-002)

-
Requirement
P
Questioned Costs
$1
Year
2023
Accepted
2023-10-19
Audit: 141
Organization: Foxhill Manor Cooperative, Inc. (IN)
Auditor: Comer Nowling and Associates PC

AI Summary

  • Answer: Management fees exceeded the acceptable limit of 7.21% of residential income.
  • Trend: This indicates a potential ongoing issue with cost management in relation to income.
  • List: Review management fee structures, assess compliance with financial guidelines, and consider adjustments to align with income levels.

Finding Text

Management fees expensed during the year ended April, 30, 2023 were in excess of 7.21% of residential income collected.

Categories

Questioned Costs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.195 Section 8 Housing Assistance Payments Program $147,756
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $11,236