FAC Explorer

Audit 14875

FY End
2023-04-30
Total Expended
$753,189
Findings
2
Programs
1
Organization: Lafayette House Elderly Housing, Inc. (MI)
Year: 2023 Accepted: 2024-01-31
Auditor: Pkf O'Connor Davies LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
11005 2023-001 - - A
587447 2023-001 - - A

Programs

ALN Program Spent Major Findings
14.195 Section 8 Housing Assistance Payments Program $753,189 Yes 1

Contacts

Name Title Type
NTZBCFHE1GJ5 Loren Wagner Auditee
3019482929 Stewart Grubman Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Schedule includes the federal award activity of Lafayette House Elderly Housing, Inc. (the “Entity”) under programs of the federal government for the year ended April 30, 2023. The information in this Schedule is presented in accordance with the requirements of The Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Entity, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Entity. De Minimis Rate Used: N Rate Explanation: The Entity has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Entity is reimbursed for programmatic and administrative costs in accordance with rules set forth by U.S. Department of Housing and Urban Development.

Finding Details

Finding 2023-001
Information on the Universe Population Size 1 tenant security deposit cash account Section III – Federal Award Findings and Questioned Costs (continued) Sample Size Information 1 tenant security deposit cash account Identification of Repeat Finding Reference Number N/A Criteria The regulatory agreement requires that any funds collected as security deposits shall be kept separate from all other funds of the Entity and equal or exceed the security deposit balance collected. Statement of Condition Security deposit balance maintained by the Entity in the bank account was below the amount of residential tenant deposits received by the Entity. Cause The cause of the missing payments was due to management oversight. Effect or Potential Effect The security deposit fund is underfunded by a total of $4,756. Auditor Non-Compliance Code M- Security Deposits Questioned Costs There were no known questioned costs. Perspective The finding represents an isolated instance of management oversight. Repeat Finding No Recommendations Auditor recommends that the Entity fund the bank account immediately to fund the shortfall and create a better system of controls to ensure no future occurrences. Views of Responsible Officials See management corrective action plan
Finding 2023-001
Information on the Universe Population Size 1 tenant security deposit cash account Section III – Federal Award Findings and Questioned Costs (continued) Sample Size Information 1 tenant security deposit cash account Identification of Repeat Finding Reference Number N/A Criteria The regulatory agreement requires that any funds collected as security deposits shall be kept separate from all other funds of the Entity and equal or exceed the security deposit balance collected. Statement of Condition Security deposit balance maintained by the Entity in the bank account was below the amount of residential tenant deposits received by the Entity. Cause The cause of the missing payments was due to management oversight. Effect or Potential Effect The security deposit fund is underfunded by a total of $4,756. Auditor Non-Compliance Code M- Security Deposits Questioned Costs There were no known questioned costs. Perspective The finding represents an isolated instance of management oversight. Repeat Finding No Recommendations Auditor recommends that the Entity fund the bank account immediately to fund the shortfall and create a better system of controls to ensure no future occurrences. Views of Responsible Officials See management corrective action plan