FAC Explorer

Audit 14597

FY End
2023-06-30
Total Expended
$4.20M
Findings
4
Programs
2
Organization: Houston Voa Elderly Housing, INC (lakeview Place) (VA)
Year: 2023 Accepted: 2024-01-30
Auditor: Maddox & Associates Apc

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
10869 2023-001 - - N
10870 2023-002 - - H
587311 2023-001 - - N
587312 2023-002 - - H

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.56M Yes 2
14.195 Supportive Housing for the Elderly $634,438 Yes 0

Contacts

Name Title Type
TGYBBJRK6C87 Vanessa Tran Auditee
7033415000 Bryan Beale Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $59. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.
Finding 2023-002
According to HUD Handbook 4370.2, repayment of owner advances may only be made from surplus cash. Prior HUD approval is required for an owner to receive repayment when the project is in a non-surplus cash position.
Finding 2023-001
Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $59. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.
Finding 2023-002
According to HUD Handbook 4370.2, repayment of owner advances may only be made from surplus cash. Prior HUD approval is required for an owner to receive repayment when the project is in a non-surplus cash position.