FAC Explorer

Finding 966 (2023-003)

Significant Deficiency
Requirement
P
Questioned Costs
$1
Year
2023
Accepted
2023-10-31
Audit: 1800
Organization: Mt. Auburn Housing, Inc. (OH)
Auditor: Tidwell Group LLC

AI Summary

  • Core Issue: The Corporation missed four monthly deposits to the Reserve for Replacement account, totaling $12,266.
  • Impacted Requirements: Monthly deposits are mandated by the Regulatory Agreement.
  • Recommended Follow-Up: Transfer the missed amount of $12,266 into the Reserve for Replacement account to prevent deferred maintenance.

Finding Text

S3800-010 Finding Reference Number 2023-3 S3800-015 Type of Finding Federal Award Finding S3800-020 Criteria The Regulatory Agreement requires monthly deposits to be made to the Reserve for Replacement account. S3800-030 Statement of Condition The Corporation did not make all required monthly deposits to the Reserve for Replacement account. S3800-035 Auditor Non-Compliance Code N - Reserve for Replacement Deposits S3800-037 FHA/Contract Number 046-44083 S3800-038 Questioned Costs $-0- S3800-050 Context The Corporation did not make four monthly deposits to the Reserve for Replacement account during the year in the amount of $12,266. S3800-060 Effect Deferred maintenance could occur from underfunding the reserve. S3800-070 Cause Management oversight. S3800-080 Recommendation The Corporation should transfer $12,266 into the Reserve for Replacement account.

Corrective Action Plan

S3800-090 Auditor's Summary of the Auditee's Comments on the Finding and Recommendations The Corporation concurs that four reserve for replacement deposits were missed during the year. S3800-130 Response Indicator Agree S3800-140 Completion Date 5/18/2023 S3800-150 Response The Corporation transferred the funds into the Reserve for Replacement account on May 18, 2023 S3800-160 Contact Person First Name Amin S3800-180 Contact Person Last Name Akbar

Categories

Questioned Costs Internal Control / Segregation of Duties

Other Findings in this Audit

  • 964 2023-001
    Significant Deficiency Repeat
  • 965 2023-002
    Significant Deficiency Repeat
  • 577406 2023-001
    Significant Deficiency Repeat
  • 577407 2023-002
    Significant Deficiency Repeat
  • 577408 2023-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.164 Operating Assistance for Troubled Multifamily Housing Projects $1.02M
14.195 Section 8 Housing Assistance Payments Program $416,636
14.197 Multifamily Assisted Housing Reform and Affordability Act $58,089