FAC Explorer

Finding 577955 (2023-001)

- Repeat Finding
Requirement
C
Questioned Costs
$1
Year
2023
Accepted
2023-11-09
Audit: 2793
Organization: Kalona Valley Apartments, Inc. (IA)
Auditor: Forge Financial & Management Consulting

AI Summary

  • Issue: Monthly transfers to the replacement reserve fund were not made due to insufficient funds.
  • Trend: Delinquent transfers totaled $32,163 over two years, with $4,997 for 2022 and $27,166 for 2023.
  • Follow-up: Review operating account management to ensure future compliance with the Regulatory Agreement.

Finding Text

Required monthly transfers to the replacement reserve fund as required by the Regulatory Agreement with USDA were not made during the year due to lack of funds available in the operating account. Deliquent transfers for the year ended August 31, 2022 were $4,997, and $27,166 for the year ended August 31, 2023 (total $32,163).

Categories

Questioned Costs

Other Findings in this Audit

  • 1513 2023-001
    - Repeat

Programs in Audit

ALN Program Name Expenditures
10.427 Rural Rental Assistance Payments $69,519
10.415 Rural Rental Housing Loans $52,702