FAC Explorer

Audit 23066

FY End
2022-12-31
Total Expended
$3.27M
Findings
2
Programs
1
Organization: St. Peter's Housing, Inc. 053-Ee103 (NC)
Year: 2022 Accepted: 2023-04-05
Auditor: Bernard Robinson & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
21258 2022-001 Significant Deficiency - N
597700 2022-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $3.27M Yes 1

Contacts

Name Title Type
KJCUJWFS1DK4 Laura Grimes Auditee
3362318134 Kimberly J. Ripberger Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION- Accounting Policies: SUMMARY OF SIGNIFICANT 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. St. Peter's Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards (the 'Schedule') includes the federal award activity of St. Peter's Housing, Inc., under programs of the federal government for the year ended December 31, 2022. 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). Because the Schedule presents only a selected portion of the operations of St. Peter's Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. Peter's Housing, Inc.

Finding Details

Finding 2022-001
Finding 2022-001: U.S. Department of Housing and Urban Development, Supportive Housing for the Elderly, Assistance Listing #14.157 Statement of Condition: At December 31, 2022, the Project had $17,523 of funds maintained in an institution that were in excess of FDIC insured limits. Criteria: The HUD Handbook 4370.2, Chapter 2, Section 2-5, requires that the cash accounts of the Project be deposited in a bank or banks whose deposits are federally insured. Effect: Noncompliance with HUD Regulations and potential loss of the funds held in excess of FDIC limits. Cause: Management did not transfer funds to separate financial institutions in a timely manner to provide for continuous FDIC insurance coverage. Context: A test to compare the total funds held at each institution to the $250,000 federally insured limit. At December 31, 2022, the total funds held at one bank was $267,523 which was $17,253 in excess of the $250,000 federally insured limit. Questioned Costs: $0 Recommendation: We recommend that management should continuously monitor cash balances to ensure that funds are always covered by FDIC insurance limits, collateral agreements are obtained, or funds are invested in government securities. Views of Responsible Officials and Corrective Action Plan: Management agrees with the above finding and will transfer funds to provide adequate FDIC insurance coverage for all funds. Management will re-evaluate its policies and procedures to determine any necessary changes.
Finding 2022-001
Finding 2022-001: U.S. Department of Housing and Urban Development, Supportive Housing for the Elderly, Assistance Listing #14.157 Statement of Condition: At December 31, 2022, the Project had $17,523 of funds maintained in an institution that were in excess of FDIC insured limits. Criteria: The HUD Handbook 4370.2, Chapter 2, Section 2-5, requires that the cash accounts of the Project be deposited in a bank or banks whose deposits are federally insured. Effect: Noncompliance with HUD Regulations and potential loss of the funds held in excess of FDIC limits. Cause: Management did not transfer funds to separate financial institutions in a timely manner to provide for continuous FDIC insurance coverage. Context: A test to compare the total funds held at each institution to the $250,000 federally insured limit. At December 31, 2022, the total funds held at one bank was $267,523 which was $17,253 in excess of the $250,000 federally insured limit. Questioned Costs: $0 Recommendation: We recommend that management should continuously monitor cash balances to ensure that funds are always covered by FDIC insurance limits, collateral agreements are obtained, or funds are invested in government securities. Views of Responsible Officials and Corrective Action Plan: Management agrees with the above finding and will transfer funds to provide adequate FDIC insurance coverage for all funds. Management will re-evaluate its policies and procedures to determine any necessary changes.