FAC Explorer

Finding 584797 (2023-001)

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Requirement
P
Questioned Costs
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Year
2023
Accepted
2024-01-12
Audit: 11174
Organization: Kceoc Housing Corporation II Dba Kceoc Senior Housing (KY)
Auditor: Miller Mayer Sullivan and Stevens LLP

AI Summary

  • Issue: The reserve for replacements is underfunded by $10,309 as of September 30, 2023.
  • Requirements: Monthly deposits to the reserve are mandated by the HUD Regulatory Agreement.
  • Follow-up: Ensure the necessary transfer is made when funds become available to achieve compliance.

Finding Text

At September 30, 2023, the reserve for replacements was underfunded by $10,309. Criteria. The HUD Regulatory Agreement, or amendments to that agreement, requires the borrower to make monthly reserve for replacements deposits. Cause. The complex did not have the funds available to make the required deposits. Effect. The borrower is not in compliance with the terms of the HUD Regulatory Agreement. Recommendation. We recommend the appropriate transfer be made as soon as funds are available.

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $46,081