FAC Explorer

Audit 16866

FY End
2022-03-31
Total Expended
$22.41M
Findings
2
Programs
2
Organization: Metairie Manor (LA)
Year: 2022 Accepted: 2022-10-16
Auditor: Maddox & Associates Apc

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
12438 2022-001 - - A
588880 2022-001 - - A

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $10.81M Yes 1
14.195 Section 8 Housing Assistance Payments Program $1.88M Yes 0

Contacts

Name Title Type
ZVGNJY7LHHM3 Dennis Adams Auditee
5045963460 Jeff Maddox Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances 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 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 10665608.

Finding Details

Finding 2022-001
Finding Reference Number: 2022-001 Type of Finding: FA Finding Resolution Status: In Process Information on Universe Population Size: The finding was not a result of a sampling procedure. Sample Size Information: The finding was not a result of a sampling procedure. Identification of Repeat Finding and Finding Reference Number: This is not a repeat finding. Criteria: According to the regulatory agreement, disbursements from restricted funds may only be made after receiving written consent from HUD. Statement of Condition: HUD approval was not granted for disbursements from the Debt Service Savings account. Cause: HUD approval was not requested until after the audit period. Effect or Potential Effect: The restricted account is underfunded by the amount of the withdrawal. Auditor Non-Compliance Code: Z Questioned Costs: None Reporting Views of Responsible Officials: Management agrees with the finding. Management has submitted the forms for HUD?s approval. Context: HUD approval was not granted for disbursements from the restricted accounts. Recommendation: Management should submit Form 9250 to the HUD project manager for approval. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with the finding. Management has submitted the forms for HUD?s approval. Response Indicator: Agree Completion Date: June 22, 2022 Response: Management agrees with the finding. Management has submitted the forms for HUD?s approval.
Finding 2022-001
Finding Reference Number: 2022-001 Type of Finding: FA Finding Resolution Status: In Process Information on Universe Population Size: The finding was not a result of a sampling procedure. Sample Size Information: The finding was not a result of a sampling procedure. Identification of Repeat Finding and Finding Reference Number: This is not a repeat finding. Criteria: According to the regulatory agreement, disbursements from restricted funds may only be made after receiving written consent from HUD. Statement of Condition: HUD approval was not granted for disbursements from the Debt Service Savings account. Cause: HUD approval was not requested until after the audit period. Effect or Potential Effect: The restricted account is underfunded by the amount of the withdrawal. Auditor Non-Compliance Code: Z Questioned Costs: None Reporting Views of Responsible Officials: Management agrees with the finding. Management has submitted the forms for HUD?s approval. Context: HUD approval was not granted for disbursements from the restricted accounts. Recommendation: Management should submit Form 9250 to the HUD project manager for approval. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with the finding. Management has submitted the forms for HUD?s approval. Response Indicator: Agree Completion Date: June 22, 2022 Response: Management agrees with the finding. Management has submitted the forms for HUD?s approval.