FAC Explorer

Finding 971061 (2023-001)

Material Weakness
Requirement
A
Questioned Costs
$1
Year
2023
Accepted
2024-04-25
Audit: 304518
Organization: Turtle Woods Corporation 023-Ee021 (MA)
Auditor: Cohnreznick LLP

AI Summary

  • Answer: $50,000 intended for reserve accounts was not transferred and was instead used for project operations.
  • Trend: This error indicates a lack of oversight in managing reserve deposits and compliance with HUD regulations.
  • List: Follow up by reviewing transfer procedures, ensuring proper approvals for fund usage, and implementing checks to prevent future errors.

Finding Text

Management noted that during transfer of replacement reserve deposits between banks an error was made that resulted in $50,000 not being transferred to the new reserve accounts. The $50,000 was retained in the project operating account and used to pay for project operations without HUD approval.

Categories

Questioned Costs HUD Housing Programs

Other Findings in this Audit

  • 394619 2023-001
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $496,943