FAC Explorer

Audit 13703

FY End
2022-12-31
Total Expended
$1.18M
Findings
2
Programs
2
Organization: St. John's Housing Corporation (CT)
Year: 2022 Accepted: 2024-01-25
Auditor: Hoyt Filippetti & Malaghan LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
10086 2022-002 - - P
586528 2022-002 - - P

Programs

ALN Program Spent Major Findings
10.427 Rural Rental Assistance Payments $259,196 - 0
10.415 Rural Rental Housing Loans $52,774 Yes 0

Contacts

Name Title Type
E6K7ZMJFBC53 Matthew Scibek Auditee
8603985425 Susan Jones Auditor
No contacts on file

Notes to SEFA

Title: NOTE A – ACCOUNTING BASIS Accounting Policies: The accounting policies of St. John’s Housing Corporation d/b/a Fox Glen conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: St. John’s Housing Corporation d/b/a Fox Glen has not elected to use the 10% de Minimis indirect cost rate. BASIC FINANCIAL STATEMENTS The accounting policies of St. John’s Housing Corporation d/b/a Fox Glen conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
Title: NOTE A – ACCOUNTING BASIS Accounting Policies: The accounting policies of St. John’s Housing Corporation d/b/a Fox Glen conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: St. John’s Housing Corporation d/b/a Fox Glen has not elected to use the 10% de Minimis indirect cost rate. SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period. St. John’s Housing Corporation d/b/a Fox Glen has not elected to use the 10% de Minimis indirect cost rate. The December 31, 2022 ending balances of the U.S. Department of Agriculture loans included on the accompanying schedule of expenditures of federal awards was $804,717.

Finding Details

Finding 2022-002
OTHER MATTERS 2022-002 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded in accordance with the budget as approved by USDARD and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserve funds, it was not funded in accordance with the budget. Cause: Budgeted transfers were not made before yearend to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management’s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.
Finding 2022-002
OTHER MATTERS 2022-002 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded in accordance with the budget as approved by USDARD and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserve funds, it was not funded in accordance with the budget. Cause: Budgeted transfers were not made before yearend to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management’s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.