FAC Explorer

Audit 18827

FY End
2022-06-30
Total Expended
$6.05M
Findings
2
Programs
3
Organization: Oak Park Plaza, Inc. (oak Park Plaza) (LA)
Year: 2022 Accepted: 2022-12-26
Auditor: Maddox & Associates Apc

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
21713 2022-001 - - A
598155 2022-001 - - A

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $5.09M Yes 1
14.195 Section 8 Housing Assistance Payments Program $903,632 Yes 0
14.191 Multifamily Housing Service Coordinators $58,557 - 0

Contacts

Name Title Type
DBKJGDTAQN39 Vanessa Tran Auditee
7033415000 Bryan Beale 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 4974611.

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. Effect or Potential Effect: The restricted account is underfunded by the amount of the withdrawal. Auditor Non-Compliance Code: C Questioned Costs: $126,288 Reporting Views of Responsible Officials: Management agrees with the finding. Management will submit the forms for HUD?s approval. Context: HUD approval was not granted for disbursements from the restricted accounts. Recommendation: Management should submit the required forms 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 will submit the forms for HUD?s approval. Response Indicator: Agree Completion Date: August 18, 2022 Response: Management agrees with the finding. Management will submit 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. Effect or Potential Effect: The restricted account is underfunded by the amount of the withdrawal. Auditor Non-Compliance Code: C Questioned Costs: $126,288 Reporting Views of Responsible Officials: Management agrees with the finding. Management will submit the forms for HUD?s approval. Context: HUD approval was not granted for disbursements from the restricted accounts. Recommendation: Management should submit the required forms 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 will submit the forms for HUD?s approval. Response Indicator: Agree Completion Date: August 18, 2022 Response: Management agrees with the finding. Management will submit the forms for HUD?s approval.