Finding 948554 (2023-001)

Requirement

Questioned Costs

Year

2023

Accepted

2024-03-04

Audit: 293412

Organization: Voa Adirondacks Affordable Housing, LLC (adirondacks Apartments) (VA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the replacement reserve are short by $12,000.
Trend: This deficiency indicates a pattern of underfunding that could impact future maintenance and repairs.
List: Recommend reviewing funding strategies and adjusting future deposits to meet required amounts.

Required monthly deposits to the replacement reserve are deficient in the amount of $12,000.

ALN	Program Name	Expenditures
10.415	Rural Rental Housing Loans	$1.01M
14.195	Section 8 Housing Assistance Payments Program	$211,592