Finding 578850 (2023-001)

Requirement

Questioned Costs

Year

2023

Accepted

2023-11-27

Audit: 4138

Organization: Stamford Cross Road Residences, Inc. (LA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: The security deposit account lacks sufficient funds.
Trend: This issue may lead to compliance risks and potential financial penalties.
List: Review funding requirements, assess current balance, and ensure timely deposits moving forward.

The security deposit account is not fully funded.

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$1.74M
14.195	Section 8 Housing Assistance Payments Program	$338,440
14.218	Community Development Block Grants/entitlement Grants	$308,533