Finding Text
Type of Finding: Other Matters Criteria or Specific Requirement: HUD regulations and the regulatory agreement required deposits into the reserve for replacements of $3540 per month from July 2021 through August 2021 and a deposit of $3,618 for September 2021 through June 2022. Condition: The Corporation did not deposit the required amounts into the reserve for replacements for each month during the year ended June 30, 2022. Questioned Costs: None Context: The Corporation had a $779 deficiency in the reserve from replacements from fiscal year 2022. The Corporation made up for the prior year deficiency, however, it did not deposit the required current year amounts into the reserve for replacements for each month during the year ended June 30, 2022. Repeat Finding: No.