Finding Text
Finding 2023-001
Criteria
The finding was evaluated from the regulatory HUD guidelines.
Statement of Condition
The Project did not complete one of the monthly required deposit to the reserve for replacement.
Cause
The deposit not being completed timely was the result of an oversight.
Effect or Potential Effect
The reserve for replacement was underfunded by $3,450 for the year ended June 30, 2023.
Reporting Views of Responsible Officials
Management has completed the required deposit to the reserve for replacement of $3,450 in September 2023.
Recommendation
We recommend management make timely required deposits to the reserve for replacement.
Response
Management has completed the required deposit to the reserve for replacement of $3,450 in September 2023.