Finding Text
Finding 2023-002: Supportive Housing for the Elderly; CFDA 14.157
Information on the Universe Population Size
12 monthly payments.
Sample Size Information
12 monthly payments.
Criteria
The regulatory agreement requires monthly payments to fund the replacement reserve.
Statement of Condition
Two monthly payments were not made to the replacement reserve during the year.
Cause
Change in managing agent during the fiscal year.
Effect or Potential Effect
The replacement reserve was underfunded by a total of $1,698.
Auditor Non-Compliance Code
N – Reserve for Replacements Deposits
Questioned Costs
There were no known questioned costs.
Recommendation
We recommend that the Entity reinstate a system of monthly transfers to the account.
Repeat Finding
No
Views of Responsible officials
See corrective action plan.