FAC Explorer

Finding 578535 (2023-002)

-
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2023-11-17
Audit: 3649
Organization: Opendoors Housing LLC (RI)
Auditor: D'ambra CPA

AI Summary

  • Core Issue: Management withdrew $7,140 from the replacement reserve that was not supported by actual expenses, leading to a duplication of funds.
  • Impacted Requirements: Withdrawals from the replacement reserve must be based on actual expenses to ensure compliance.
  • Recommended Follow-Up: Management should adjust future reserve requests to account for the excess withdrawn or reimburse the reserve accordingly.

Finding Text

Federal program - Neighborhood Stabilization: Criteria - Withdrawals from the replacement reserve should be supported by actual expenses; Condition - management requested and received $7,140 of reserve funds that were duplicated; Cause - management oversight; Recommendation - management should reduce future reserve withdrawal requests by the excess or reimburse the replacement reserve for the excess funds withdrawn. Response: Management will reduce future requests by the excess withdrawn.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.265 Rural Capacity Building for Community Development and Affordable Housing Grants $850,000
14.239 Home Investment Partnerships Program $500,000
14.195 Section 8 Housing Assistance Payments Program $157,022