Finding Text
Finding reference number: #2022-002 Assistance Listing title and number (Federal award identification number and year): Section 8 Housing Assistance Payments, Assistance Listing No. 14.195 Identification numbers Property Year of award Questioned costs CO99T841007 REDI III 2017 337 CO99T851006 REDI IV 2017 1,563 CO99T881007 REDI V 2015 1,871 CO99T881008 REDI VI 2016 1,009 Auditor non-compliance code: N - Special Tests and Provisions Finding resolution status: Cleared Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Statistically valid sample: N/A Name of federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $4,780 Repeat Finding: Yes Statement of condition #2022-002 (Assistance Listing No. 14.195): At March 31, 2022, the Corporation's reserve for replacement accounts were underfunded. Criteria: The HAP Contracts require monthly deposits into separate reserve for replacement accounts. Effect or potential effect: The Corporation is not in compliance with the terms of the HAP Contracts. At March 31, 2022, the reserve for replacements accounts are underfunded by $4,780. Cause: The Corporation did not make the required monthly deposits to the various reserve for replacements accounts. Recommendation: The Agent should transfer $4,780 from the respective operating accounts to the reserve for replacements accounts. The Agent should make all required deposits to the reserve for replacements accounts. Completion date: December 20, 2022 Management response: Agreed. The Agent concurs with the finding and the auditor's recommendation. The Corporation will make the required monthly deposits into separate reserve for replacement accounts.