Finding Text
Statement of Condition: For the year ended December 31, 2022, the Organization deposited $5,194 into the Replacement Reserves account. Criteria: Per the regulatory agreement with HUD, the Organization is required to deposit $5,666 into the Replacement Reserves account for the period January 1, 2022 through December 31, 2022. Effect: The Replacement Reserves account was underfunded by $472. Cause: The Organization inadvertently failed to make all 12 required monthly deposits. This was discovered during the year-end reconciliation process. Recommendation: The Organization should deposit these monies to Replacement Reserves as quickly as possible.