Finding Text
53800-010 Finding Reference Number 2022-001 53800-011 Title and CFDA Number of Federal Program U.S. Department of Housing and Urban Development Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, 14.155 53800-015 Type of Finding Federal Award Finding 53800-016 Finding Resolution Status In Process 53800-017 Information on Universe Population Size N/A 53800-018 Sample Size Information N/A 53800-019 Identification of Repeat Finding and Reference Number Yes, 2021-002 53800-020 Criteria The Organization must comply with HUD guidelines regarding monthly replacement reserve deposits. 53800-030 Statement of Condition The Organization's replacement reserve was underfunded by $8,676 as of March 31, 2022 S3800-032 Cause Mortgagee did not increase payments as required by HUD. Organization paid amount as stated on monthly mortgage statement. S3800-033 Effect or Potential Effect Organization was not in compliance with HUD guidelines for replacement reserve deposit requirements. S3800-035 Auditor Non-Compliance Code N - Reserve for Replacement S3800-040 Questioned Costs $8,676 S3800-045 Reporting Views of Responsible Officials Management agrees with the finding and will deposit the deficiency. S3800-037 FHA/Contract Number 12711240 S3800-038 Questioned Costs $8,676 S3800-080 Recommendation Management should have procedures in place to ensure that required monthly payments are remitted to the replacement reserve escrow. S3800-090 Auditor's Summary of the Auditee's Comments on the Findings and Recommendations Management is in the process of correcting the deficiency. S3800-130 Response Indicator Agree S3800-140 Completion Date 7/30/2022 S3800-150 Response Management agrees with the finding and is in the process of replenishing the funds. S3800-160 Contact Person First Name Thomas S3800-170 Contact Person Middle Initial E S3800-180 Contact Person Last Name Anderson