FAC Explorer

Audit 1355

FY End
2023-06-30
Total Expended
$2.19M
Findings
2
Programs
1
Organization: Bicentennial Apartments, Inc. (WY)
Year: 2023 Accepted: 2023-10-25
Auditor: Core CPAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
706 2023-001 Significant Deficiency - B
577148 2023-001 Significant Deficiency - B

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $4,945 Yes 0

Contacts

Name Title Type
MND8W5GV4UM9 Margaret Richards Auditee
6056420619 Jake B Klabenes Auditor
No contacts on file

Notes to SEFA

Title: Capital Advance Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Bicentennial Apartments, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards . Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: Bicentennial Apartments, Inc. did not elect to use the 10% de minimis indirect cost rate. The federal fund expenditure shown above for the capital advance represents the original loan balance and balance outstanding as of June 30, 2023. The advance does not have to be repaid if the project serves eligible individuals for the remainder of the compliance period.
Title: Subrecipients Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Bicentennial Apartments, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards . Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: Bicentennial Apartments, Inc. did not elect to use the 10% de minimis indirect cost rate. There were no awards passed through to subrecipients.

Finding Details

Finding 2023-001
Significant Deficiency in Internal Controls over Compliance/Compliance with Regulations – Federal Awards Compliance – Allowable Costs Criteria: Under the Code of Federal Regulations Title 2, Part 2, Subpart E, Section 200.438: Costs of entertainment, including amusement, diversion, and social activities and any associated costs are unallowable, except where specific costs that might otherwise be considered entertainment have a programmatic purpose and are authorized either in the approved budget for the Federal award or with prior written approval of the Federal awarding agency. Condition: The Project has paid for tenant cable with federal funds in a bulk package where not all of the costs was covered by the tenants. Context: The Project was not fully aware that cable was considered an entertainment expense, and therefore unallowed under Federal regulations. Cause: The Project did not have sufficient controls in place to ensure the allowability of expenses being paid under Federal regulations were appropriate. Effect: The Project was not in compliance with the Code of Federal Regulations Title 2, Part 2, Subpart E, Section 200.438. Recommendation: The Project should develop adequate controls over compliance in relation to allowability to allow the Project comply with Federal regulations regarding the use of cash received through Federal awards. Auditee Response/Corrective Action Plan: See pages 37. Significant Deficiency in Internal Controls over Compliance/Compliance with Regulations – Federal Awards Compliance – Allowable Costs Federal Program: ALN 14.157 – Supportive Housing for the Elderly Pass-Through Entity: U.S. Housing and Urban Development Award Number: 103-HD010-NP-CMI Compliance Requirements: Allowable Costs Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria: See Part II, Finding 2023-001 Condition and Context: See Part II, Finding 2023-001 Questioned Costs: N/A Cause: See Part II, Finding 2023-001 Effect or Potential Effect: See Part II, Finding 2023-001 Recommendation: See Part II, Finding 2023-001 Repeat Finding: N/A Responsible Official’s Response and Corrective Action Plan: See Page 37, Finding 2023-001 Planned Implementation Date: See Page 37, Finding 2023-001 Person Responsible for Corrective Action: Director of Finance
Finding 2023-001
Significant Deficiency in Internal Controls over Compliance/Compliance with Regulations – Federal Awards Compliance – Allowable Costs Criteria: Under the Code of Federal Regulations Title 2, Part 2, Subpart E, Section 200.438: Costs of entertainment, including amusement, diversion, and social activities and any associated costs are unallowable, except where specific costs that might otherwise be considered entertainment have a programmatic purpose and are authorized either in the approved budget for the Federal award or with prior written approval of the Federal awarding agency. Condition: The Project has paid for tenant cable with federal funds in a bulk package where not all of the costs was covered by the tenants. Context: The Project was not fully aware that cable was considered an entertainment expense, and therefore unallowed under Federal regulations. Cause: The Project did not have sufficient controls in place to ensure the allowability of expenses being paid under Federal regulations were appropriate. Effect: The Project was not in compliance with the Code of Federal Regulations Title 2, Part 2, Subpart E, Section 200.438. Recommendation: The Project should develop adequate controls over compliance in relation to allowability to allow the Project comply with Federal regulations regarding the use of cash received through Federal awards. Auditee Response/Corrective Action Plan: See pages 37. Significant Deficiency in Internal Controls over Compliance/Compliance with Regulations – Federal Awards Compliance – Allowable Costs Federal Program: ALN 14.157 – Supportive Housing for the Elderly Pass-Through Entity: U.S. Housing and Urban Development Award Number: 103-HD010-NP-CMI Compliance Requirements: Allowable Costs Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria: See Part II, Finding 2023-001 Condition and Context: See Part II, Finding 2023-001 Questioned Costs: N/A Cause: See Part II, Finding 2023-001 Effect or Potential Effect: See Part II, Finding 2023-001 Recommendation: See Part II, Finding 2023-001 Repeat Finding: N/A Responsible Official’s Response and Corrective Action Plan: See Page 37, Finding 2023-001 Planned Implementation Date: See Page 37, Finding 2023-001 Person Responsible for Corrective Action: Director of Finance