Finding Text
Finding No. 2022-002 ? Section 811 ? CFDA No. 14.181 Type of Finding ? Federal Award Finding Finding Resolution Status ? In progress Criteria or Specific Condition ? The Regulatory Agreement requires the Company to make monthly deposits of $654 to the reserve for replacements. Statement of Condition ? The Project has not made monthly deposits of $654 to the replacement reserve since August 2022. Cause ? The Project did not have sufficient cash flows to make the required deposits. Effect or Potential Effect ? The Project is not in compliance with the regulatory requirements. Auditor Non-Compliance Code ? N ? Reserve for replacements deposits. Questioned Costs ? $3,271 Reporting View of Responsible Officials ? We concur with the auditor?s recommendation. Recommendation ? The Project should deposit the reserve for replacement shortage of $3,271. Auditor?s Summary of the Auditee?s Comments on the Findings and Recommendations ? Agree Response Indicator ? Agree Completion Date ? June 30, 2023 Response ? Once the Project starts receiving the subsidy payments, the reserve for replacement deposits will be caught up and made monthly thereafter.