Finding Text
2022 ?1 Restricted Fund Usage Questioned Costs: $9,000 Condition: Management failed to utilize restricted funds for the purpose in which they were designated. Criteria: The management company expended $9,000 of funds restricted for use in furnishing tenant common areas and the management office, on daily operating expenses. Cause: Site managers did not expend funds for their intended use. Effect: Restricted funds were not spent appropriately and therefore, should be returned to donor. Recommendation: I recommend management comply with all donor restrictions.