Finding 60475 (2022-001)

S3800-010 Finding Reference Number ? 2022-001 S3800-011 Title and CFDA Number of Federal Program ? 14.181 Section 811 Capital Advance Program S3800-015 Type of Finding ? Federal Award S3800-016 Finding Resolution Status ? Unresolved S3800-017 Information on Universe Population Size ? N/A S3800-018 Sample Size Information ? N/A S3800-019 Identification of Repeat Finding and Finding Reference Number ? N/A S3800-020 Criteria ? In accordance with the Regulatory Agreement between the Corporation and HUD, the Corporation is required to make monthly deposits into the replacement reserve. S3800-030 Statement of Condition ? The Corporation did not fund the replacement reserve in the full amount required. S3800-032 Cause ? The management company mistakenly missed three months of deposits required to be deposited into the replacement reserve. S3800-033 Effect or Potential Effect ? The replacement reserve is underfunded by $1,000. S3800-035 Auditor Non-Compliance Code ? N S3800-040 Questioned Costs ? $1,000 S3800-045 Reporting Views of Responsible Officials ? Management is aware of the underfunding and will deposit the additional $1,000. S3800-050 Context ? The replacement reserve account is underfunded. S3800-080 Recommendation ? The Corporation needs to deposit the additional $1,000 into the replacement reserve. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Finding and Recommendations ? Management is aware of the underfunding and will deposit the additional $1,000. S3800-130 Response Indicator ? Agree S3800-140 Completion Date ? September 2022 S3800-150 Response ? Management will deposit the additional $1,000 into the replacement reserve.