Finding 947085 (2023-001)

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Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-02-27
Audit: 292353
Organization: Golden Ridge Housing Inc. (RI)
Auditor: D'ambra CPA

AI Summary

  • Core Issue: Management deposited $318 more than allowed into the replacement reserve due to a mathematical error.
  • Impacted Requirements: Monthly deposits must align with the authorized amount of $1,602.
  • Recommended Follow-Up: Adjust the next deposit to account for the excess and ensure future deposits adhere to the authorized amount.

Finding Text

Federal program - Section 202: Criteria - Federal regulations require the Corporation to deposit a specific amount to the replacement reserve every month; Condition - total deposits exceeded the amounts authorized by $318; Cause - management made a mathematical error; Recommendation - the next deposit should be reduced for the excess funds transferred and future deposits should be based on the authorized reserve deposit of $1,602. Response: Management will make the corrections suggested.

Categories

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Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $91,469
99.999 Covid 19 $2,336