FAC Explorer

Audit 1619

FY End
2023-06-30
Total Expended
$3.57M
Findings
2
Programs
3
Organization: I.c. Corporation T/a Seton Manor (VA)
Year: 2023 Accepted: 2023-10-27
Auditor: Brown Edwards & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
848 2023-001 - - N
577290 2023-001 - - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.81M Yes 1
14.191 Multifamily Housing Service Coordinators $712,952 - 0
14.195 Section 8 Housing Assistance Payments Program $50,999 - 0

Contacts

Name Title Type
ZCELXJEJLBP8 Kathryn Overacker Auditee
5405634565 John S. Aldridge Auditor
No contacts on file

Notes to SEFA

Title: NOTE B Accounting Policies: THE SCHEDULE WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THE SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 US CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS UNIFORM GUIDANCE De Minimis Rate Used: N Rate Explanation: NONE THE CORPORATION HAS RECEIVED A SECTION 223F HUD INSURED MORTGAGE. THE LOAN BALANCE OUTSTANDING AT THE BEGINNING OF THE YEAR WAS INCLUDED ON THE SCHEDULE OF EXPENDITURES. THE BALANCE AT THE END OF THE YEAR WAS 2,644,347. THE CORPORATION RECEIVED NO ADDITIONAL LOANS DURING THE YEAR

Finding Details

Finding 2023-001
Conditions and Criteria: Security deposits are required to be refunded within 30 days of tenant’s move-out date in the appropriate amount. For one item out of two tested, we noted that a tenant moved out April 1, 2023 and the refund was not issued until September 15, 2023. Effect: The tenant did not receive their security deposit refund within 30 days of move-out. Cause: This occurred due to oversight at the property level. Auditors Recommendation: While the refund was given, we do however, recommend that security deposit refunds be returned within 30 days of move-out. Management’s Response: Management has implemented steps to ensure that future security deposit refunds are made within the 30-day requirement.
Finding 2023-001
Conditions and Criteria: Security deposits are required to be refunded within 30 days of tenant’s move-out date in the appropriate amount. For one item out of two tested, we noted that a tenant moved out April 1, 2023 and the refund was not issued until September 15, 2023. Effect: The tenant did not receive their security deposit refund within 30 days of move-out. Cause: This occurred due to oversight at the property level. Auditors Recommendation: While the refund was given, we do however, recommend that security deposit refunds be returned within 30 days of move-out. Management’s Response: Management has implemented steps to ensure that future security deposit refunds are made within the 30-day requirement.