FAC Explorer

Finding 974598 (2023-001)

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Requirement
M
Questioned Costs
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Year
2023
Accepted
2024-05-21
Audit: 306849
Organization: St. Martin De Porres, Inc. (wellington Place Apartments) (TX)
Auditor: Maddox & Associates Apc

AI Summary

  • Issue: The security deposit account is lacking sufficient funds.
  • Trend: This underfunding could lead to compliance risks and financial instability.
  • Follow-up: Review funding procedures and ensure the account is brought up to the required level.

Finding Text

THE SECURITY DEPOSIT ACCOUNT IS NOT FULLY FUNDED.

Categories

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Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $5.85M