Finding Text
Finding No. 2023-001: Section 8 Housing Assistance Payments Program,
ALN 14.195
Finding Resolution Status: Resolved.
Information on Universe
Population Size:
All replacement reserve deposits for the year ended March
31, 2023.
Sample Size Information: Required replacement reserve deposits for the year ended
March 31, 2023.
Identification of Repeat Finding
and Finding Reference Number: No.
Criteria: As required by HUD regulation, timely monthly deposits must
be made to the Project’s replacement reserve account.
Statement of Condition: The Project underfunded the account by $2,612.
Cause: The Project did not fund the replacement reserve account for
one month.
Effect or Potential Effect: Deficiently funded replacement reserve.
Auditor Non-Compliance Code: N – Reserve for Replacement deposits
Reporting Views of Responsible
Officials:
The Project agrees with the finding and the auditor’s
recommendations have been adopted. Recommendation: Management should implement procedures to ensure that the
correct amount is deposited into the replacement reserve
account each month.
Response Indicator: Agree.
Completion Date: 04/24/2023
Response: The accounting staff will now be using monthly checklists to
ensure all required deposits are made timely.