FAC Explorer

Audit 16501

FY End
2022-01-10
Total Expended
$2.10M
Findings
2
Programs
2
Organization: Mt. Lebanon Cedars of Lebanon Homes, Inc. (IN)
Year: 2022 Accepted: 2023-09-17
Auditor: Comer Nowling and Associates PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
12250 2022-001 - - P
588692 2022-001 - - P

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.09M Yes 1
14.195 Section 8 Housing Assistance Payments Program $10,247 - 0

Contacts

Name Title Type
Q93FMWNCW6L5 Robert Jones Auditee
8128765478 Gregory Nowling Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on theaccrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certaintypes of expenditures are not allowable or are limited to reimbursement. Pass-throughidentifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 2089414.

Finding Details

Finding 2022-001
S3800-010 Finding Reference Number ? 2022-001 S3800-011 Title and CFDA Number of Federal Program ? Section 223(a)(7) and Mortgage Restructuring Note 14.155 S3800-015 Type of Finding ? Federal Award Finding S3800-016 Finding Resolution Status - Resolved S3800-017 Information on Universe Population Size- N/A S3800-018 Sample Size Information ? N/A S3800-019 Identification of Repeat Finding and Finding Reference Number ? N/A S3800-020 Criteria ? In accordance with the Regulatory Agreement between the Corporation and HUD, the Corporation is required to file the audited financial statements to the REAC system within 90-days after year-end. S3800-030 Statement of Condition ? The Corporation?s audited financial statements for the fiscal year-ended January 10, 2022, were not filed into the REAC system within 90-days after year-end. S3800-032 Cause ? Unknown. S3800-033 Effect or Potential Effect ? The Corporation is in violation of its Regulatory Agreement. S3800-035 Auditor Non-Compliance Code - Z S3800-040 Questioned Costs ? $0 S3800-045 Reporting Views of Responsible Officials ? Management will insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-050 Context ? The Corporation?s audited financial statements for the fiscal year-ended January 10, 2022, were not filed into the REAC system within 90-days after year-end. S3800-080 Recommendation ? Management should insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Finding and Recommendations ? Management should insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-130 Response Indicator ? Agree S3800-140 Completion Date ? June 22, 2023 S3800-150 Response ? Management will insure the audited financial statements are filed into the REAC system within 90-days after year-end.
Finding 2022-001
S3800-010 Finding Reference Number ? 2022-001 S3800-011 Title and CFDA Number of Federal Program ? Section 223(a)(7) and Mortgage Restructuring Note 14.155 S3800-015 Type of Finding ? Federal Award Finding S3800-016 Finding Resolution Status - Resolved S3800-017 Information on Universe Population Size- N/A S3800-018 Sample Size Information ? N/A S3800-019 Identification of Repeat Finding and Finding Reference Number ? N/A S3800-020 Criteria ? In accordance with the Regulatory Agreement between the Corporation and HUD, the Corporation is required to file the audited financial statements to the REAC system within 90-days after year-end. S3800-030 Statement of Condition ? The Corporation?s audited financial statements for the fiscal year-ended January 10, 2022, were not filed into the REAC system within 90-days after year-end. S3800-032 Cause ? Unknown. S3800-033 Effect or Potential Effect ? The Corporation is in violation of its Regulatory Agreement. S3800-035 Auditor Non-Compliance Code - Z S3800-040 Questioned Costs ? $0 S3800-045 Reporting Views of Responsible Officials ? Management will insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-050 Context ? The Corporation?s audited financial statements for the fiscal year-ended January 10, 2022, were not filed into the REAC system within 90-days after year-end. S3800-080 Recommendation ? Management should insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Finding and Recommendations ? Management should insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-130 Response Indicator ? Agree S3800-140 Completion Date ? June 22, 2023 S3800-150 Response ? Management will insure the audited financial statements are filed into the REAC system within 90-days after year-end.