Finding Text
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2023-002: SECTION 223(f), ASSISTANCE LISTING NUMBER 14.155 Condition: The Project's replacement reserve cash balance was underfunded at September 30, 2023. Criteria: The Project made two replacement reserve withdrawals for the same invoice. Effect: The replacement reserve cash balance was $940 less than it should be at September 30, 2023. Context: Activity in the replacement reserve account for the year ended September 30, 2023 was tested. No sample was tested. Questioned costs - $940, Cause: The Project mistakenly made two replacement reserve withdrawals for the same invoice. Recommendation: The Project should repay the amount improperly withdrawn from the replacement reserve account. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management deposited $940 into the replacement reserve account in November 2023. Questioned Costs - Department of Housing and Urban Development, Non-compliance code - A