Finding Text
Federal program - Section 202: Criteria - Authorized interim loans from the replacement reserve are to be repaid when the HUD subsidy is received; Condition - during May, the property borrowed $7,558 from the replacement reserve in anticipation of receiving a late subsidy for the month and upon receipt of those subsidy funds, the loan was to be repaid; Cause - management oversight; Recommendation - management should repay the funds loaned from the replacement reserve. Response: Management will transfer operating funds to the reserve to repay the advance.