FAC Explorer

Audit 18730

FY End
2022-12-31
Total Expended
$2.15M
Findings
2
Programs
2
Organization: Windsor Place Housing, Inc. (NC)
Year: 2022 Accepted: 2023-05-14
Auditor: Patterson & Associates PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
20083 2022-001 - - N
596525 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $2.06M Yes 1
14.195 Section 8 Housing Assistance Payments Program $85,703 - 0

Contacts

Name Title Type
N7LEDP2V45W4 Kathy Kennedy Auditee
9108920436 Laura Bailey Auditor
No contacts on file

Notes to SEFA

Title: Note D - Loans Outstanding Accounting Policies: Note A Basis of Presentation: The accompanying schedule of expenditures of federal awards (theSchedule) includes the federal award activity of the organization under programs of the federal governmentfor the year ended December 31, 2022. The information in this Schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Becausethe Schedule presents only a selected portion of the operations of the organization, it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of the organization.Note B Summary of Significant Accounting Policies: Expenditures reported on the Schedule arereported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-ProfitOrganizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. As discussed in the Mortgage Payable note above, the Section 202Supportive Housing for the Elderly - Capital Advance represents a permanent building loan provided byHUD under the capital advance program. The mortgage note bears no interest and shall be repayable onlyif the project does not maintain project use for HUD specified resident categories during the 40 year lifeof the capital advance related mortgage. The mortgage is secured by the apartment complex.

Finding Details

Finding 2022-001
Statement of Condition: For the year ended December 31, 2022, the Organization deposited $5,194 into the Replacement Reserves account. Criteria: Per the regulatory agreement with HUD, the Organization is required to deposit $5,666 into the Replacement Reserves account for the period January 1, 2022 through December 31, 2022. Effect: The Replacement Reserves account was underfunded by $472. Cause: The Organization inadvertently failed to make all 12 required monthly deposits. This was discovered during the year-end reconciliation process. Recommendation: The Organization should deposit these monies to Replacement Reserves as quickly as possible.
Finding 2022-001
Statement of Condition: For the year ended December 31, 2022, the Organization deposited $5,194 into the Replacement Reserves account. Criteria: Per the regulatory agreement with HUD, the Organization is required to deposit $5,666 into the Replacement Reserves account for the period January 1, 2022 through December 31, 2022. Effect: The Replacement Reserves account was underfunded by $472. Cause: The Organization inadvertently failed to make all 12 required monthly deposits. This was discovered during the year-end reconciliation process. Recommendation: The Organization should deposit these monies to Replacement Reserves as quickly as possible.