Finding 587323 (2023-002)

Requirement

Questioned Costs

Year

2023

Accepted

2024-01-30

Audit: 14631

Organization: Camden Cty Voa Elderly Hsg Foundation INC (lindenwold Towers) (LA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the replacement reserve are short by $99,168.
Trend: This deficiency indicates a consistent issue with funding for debt service savings.
List: Follow up by reviewing deposit schedules and ensuring compliance with funding requirements.

Required monthly deposits to the replacement reserve for debt service savings are deficient in the amount of $99,168.

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$4.52M
14.195	Section 8 Housing Assistance Payments Program	$1.02M
14.191	Multifamily Housing Service Coordinators	$81,665