FAC Explorer

Finding 636363 (2022-001)

Significant Deficiency
Requirement
N
Questioned Costs
$1
Year
2022
Accepted
2023-09-28
Audit: 55446
Organization: Cliff View Village Ii, Inc., 112ee040 (TX)
Auditor: M Group LLP

AI Summary

  • Core Issue: The Company is not meeting the required 12 monthly deposits into the replacement reserve account, making it underfunded.
  • Impacted Requirements: This violates the HUD regulatory agreement, leading to a questioned cost of $4,366.
  • Recommended Follow-Up: The Company should prioritize making the necessary deposits once funds are available to comply with the regulatory agreement.

Finding Text

Finding #2022-001: Section 202 Capital Advance, CFDA 14.157 Condition: The Company made 6 monthly deposits into the replacement reserve account. Criteria: The HUD regulatory agreement requires the Company to 12 monthly deposits into the replacement reserve account. Effect: Replacement reserve account is underfunded and is in violation of its Regulatory Agreement. Questioned Cost: $4,366 Cause: Operating costs Recommendation: We recommend the Company deposit the required monthly deposits into the replacement reserve account and follow the terms of the regulatory agreement. Auditor?s Comment: The Company does not have the funds to correct the underfunding. When funds become available, the Company will make a deposit into the replacement reserve account.

Categories

Questioned Costs HUD Housing Programs

Other Findings in this Audit

  • 59921 2022-001
    Significant Deficiency
  • 59922 2022-002
    -
  • 59923 2022-003
    Significant Deficiency
  • 636364 2022-002
    -
  • 636365 2022-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $1.65M