FAC Explorer

Audit 1660

FY End
2023-06-30
Total Expended
$2.90M
Findings
4
Programs
1
Organization: Montgomery Park I United Methodist Housing (VA)
Year: 2023 Accepted: 2023-10-30
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
896 2023-001 - Yes N
897 2023-001 - Yes N
577338 2023-001 - Yes N
577339 2023-001 - Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $71,798 Yes 1

Contacts

Name Title Type
LQC1Q7PBFE79 Samuel Jones Auditee
8047296052 Leslie Bates Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation 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. Montgomery Park I United Methodist Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount reported for the capital advance program was the beginning of the year balance, the balance at the end of the year did not change. De Minimis Rate Used: N Rate Explanation: Montgomery Park I United Methodist Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal award activity of Montgomery Park I United Methodist Housing Corporation, HUD Project No. 051-EE089, and is presented on the accrual basis of accounting. The information in this schedule 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) and/or OMB Circular A-122, Cost Principals for Non-Profit Organizations, as applicable. Because the Schedule presents only a selected portion of the operations of Montgomery Park I United Methodist Housing Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows of Montgomery Park I United Methodist Housing Corporation.
Title: Subrecipient Payments 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. Montgomery Park I United Methodist Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount reported for the capital advance program was the beginning of the year balance, the balance at the end of the year did not change. De Minimis Rate Used: N Rate Explanation: Montgomery Park I United Methodist Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. None of the expenditures reported on the Schedule were passed through to subrecipients

Finding Details

Finding 2023-001
Criteria: The Organization is obligated to deposit any surplus cash available at yearend into the residual receipts account within 60 days of the fiscal year-end (August 30th). Condition: The Organization failed to deposit surplus cash for the fiscal year ended June 30, 2022 by August 30, 2022. Effect: The Organization is noncompliant with the requirements of the Section 202 Supportive Housing for the Elderly program. Cause: The Organization used the surplus cash calculation included in the audited financial statements to determine the amount that needed to be deposited into the residual receipts account. The financial statements were issued 90 days after the fiscal year ended June 30, 2022. Repeat finding: This is a repeat finding. Context: The deposit deadline for the fiscal year ended June 30, 2022 was August 30, 2022. The deposit was made on September 19, 2022. Recommendation: We recommend completing a surplus cash calculation as part of the year-end financial statement close process so that there is time to make the required surplus cash deposit within 60 days of fiscal year-end. Management response: Management agrees with this finding. See Corrective Action Plan.
Finding 2023-001
Criteria: The Organization is obligated to deposit any surplus cash available at yearend into the residual receipts account within 60 days of the fiscal year-end (August 30th). Condition: The Organization failed to deposit surplus cash for the fiscal year ended June 30, 2022 by August 30, 2022. Effect: The Organization is noncompliant with the requirements of the Section 202 Supportive Housing for the Elderly program. Cause: The Organization used the surplus cash calculation included in the audited financial statements to determine the amount that needed to be deposited into the residual receipts account. The financial statements were issued 90 days after the fiscal year ended June 30, 2022. Repeat finding: This is a repeat finding. Context: The deposit deadline for the fiscal year ended June 30, 2022 was August 30, 2022. The deposit was made on September 19, 2022. Recommendation: We recommend completing a surplus cash calculation as part of the year-end financial statement close process so that there is time to make the required surplus cash deposit within 60 days of fiscal year-end. Management response: Management agrees with this finding. See Corrective Action Plan.
Finding 2023-001
Criteria: The Organization is obligated to deposit any surplus cash available at yearend into the residual receipts account within 60 days of the fiscal year-end (August 30th). Condition: The Organization failed to deposit surplus cash for the fiscal year ended June 30, 2022 by August 30, 2022. Effect: The Organization is noncompliant with the requirements of the Section 202 Supportive Housing for the Elderly program. Cause: The Organization used the surplus cash calculation included in the audited financial statements to determine the amount that needed to be deposited into the residual receipts account. The financial statements were issued 90 days after the fiscal year ended June 30, 2022. Repeat finding: This is a repeat finding. Context: The deposit deadline for the fiscal year ended June 30, 2022 was August 30, 2022. The deposit was made on September 19, 2022. Recommendation: We recommend completing a surplus cash calculation as part of the year-end financial statement close process so that there is time to make the required surplus cash deposit within 60 days of fiscal year-end. Management response: Management agrees with this finding. See Corrective Action Plan.
Finding 2023-001
Criteria: The Organization is obligated to deposit any surplus cash available at yearend into the residual receipts account within 60 days of the fiscal year-end (August 30th). Condition: The Organization failed to deposit surplus cash for the fiscal year ended June 30, 2022 by August 30, 2022. Effect: The Organization is noncompliant with the requirements of the Section 202 Supportive Housing for the Elderly program. Cause: The Organization used the surplus cash calculation included in the audited financial statements to determine the amount that needed to be deposited into the residual receipts account. The financial statements were issued 90 days after the fiscal year ended June 30, 2022. Repeat finding: This is a repeat finding. Context: The deposit deadline for the fiscal year ended June 30, 2022 was August 30, 2022. The deposit was made on September 19, 2022. Recommendation: We recommend completing a surplus cash calculation as part of the year-end financial statement close process so that there is time to make the required surplus cash deposit within 60 days of fiscal year-end. Management response: Management agrees with this finding. See Corrective Action Plan.