FAC Explorer

Audit 21854

FY End
2022-06-30
Total Expended
$2.16M
Findings
2
Programs
2
Organization: Old Saybrook Senior Housing INC (CT)
Year: 2022 Accepted: 2022-12-05
Auditor: Maddox & Associates Apc

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
24152 2022-001 - - LN
600594 2022-001 - - LN

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.74M Yes 0
14.195 Section 8 Housing Assistance Payments Program $420,034 Yes 1

Contacts

Name Title Type
FXA8JG96ZJV9 Sabine Cox Auditee
2032304809 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 1702772.

Finding Details

Finding 2022-001
Finding Reference Number: 2022-001 Type of Finding: FA Finding Resolution Status: Resolved 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: The regulatory agreement (as amended) requires monthly deposits of $5,317. Statement of Condition: Required monthly deposits to the replacement reserve are deficient in the amount of $846. Cause: Management did not receive the deposit increase from HUD until after the effective date. Effect or Potential Effect: Replacement reserve is deficient. Auditor Non-Compliance Code: N Questioned Costs: There are no questioned costs. The finding does not relate to an undocumented transaction or unreasonable expenditure. Reporting Views of Responsible Officials: Management agrees with the finding. The replacement reserve deficiency was funded on September 8, 2022 in the amount of $846. Management will ensure that the replacement reserve deposits are made on a timely basis in the future. Context: Required monthly deposits to the replacement reserve are deficient in the amount of $846. Recommendation: Management should compare the required annual amount to the monthly deposits made to determine if the correct amount is deposited. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with the finding. The replacement reserve deficiency was funded on September 8, 2022 in the amount of $846. Management will ensure that the replacement reserve deposits are made on a timely basis in the future. Response Indicator: Agree Completion Date: September 8, 2022 Response: Management agrees with the finding. The replacement reserve deficiency was funded on September 8, 2022 in the amount of $846. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.
Finding 2022-001
Finding Reference Number: 2022-001 Type of Finding: FA Finding Resolution Status: Resolved 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: The regulatory agreement (as amended) requires monthly deposits of $5,317. Statement of Condition: Required monthly deposits to the replacement reserve are deficient in the amount of $846. Cause: Management did not receive the deposit increase from HUD until after the effective date. Effect or Potential Effect: Replacement reserve is deficient. Auditor Non-Compliance Code: N Questioned Costs: There are no questioned costs. The finding does not relate to an undocumented transaction or unreasonable expenditure. Reporting Views of Responsible Officials: Management agrees with the finding. The replacement reserve deficiency was funded on September 8, 2022 in the amount of $846. Management will ensure that the replacement reserve deposits are made on a timely basis in the future. Context: Required monthly deposits to the replacement reserve are deficient in the amount of $846. Recommendation: Management should compare the required annual amount to the monthly deposits made to determine if the correct amount is deposited. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with the finding. The replacement reserve deficiency was funded on September 8, 2022 in the amount of $846. Management will ensure that the replacement reserve deposits are made on a timely basis in the future. Response Indicator: Agree Completion Date: September 8, 2022 Response: Management agrees with the finding. The replacement reserve deficiency was funded on September 8, 2022 in the amount of $846. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.