FAC Explorer

Audit 23840

FY End
2022-09-30
Total Expended
$3.25M
Findings
2
Programs
2
Organization: La Maison Acadienne, Inc. (FL)
Year: 2022 Accepted: 2023-01-10
Auditor: Bellows Associates P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
34789 2022-001 - - N
611231 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.155 Section 207/223 (f) Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.71M Yes 1
14.195 Section 8 Housing Assistance Payments Program $545,232 - 0

Contacts

Name Title Type
L2QFX12K9KW8 Irene Phillips Auditee
9548359200 Jennifer R. Koffman Auditor
No contacts on file

Notes to SEFA

Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MORTGAGE REFINANC Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of LaMaison Acadienne, Inc., HUD Project No. 024-11035, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of La Maison Acadienne, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of La Maison Acadienne, Inc. NOTE B - 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. De Minimis Rate Used: N Rate Explanation: La Maison Acadienne, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. La Maison Acadienne, Inc. has received a U.S. Department of Housing and Urban Development Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects under Section 207 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. La Maison Acadienne, Inc. received no additional loans during the year. The balance of the loan outstanding as of September 30, 2022 was $2,621,280.

Finding Details

Finding 2022-001
SECTION III ? FINDINGS AND QUESTIONED COSTS ? MAJOR FEDERAL AWARD PROGRAMS AUDIT FINDING No. 2022-001: Section 207/223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects, CFDA 14.155 Finding Resolution Status: Resolved. Information on Universe Population Size: Escrow accounts. Sample Size Information: Escrow accounts. Identification of Repeat Finding and Finding Reference Number: No. Criteria: As required by the regulatory agreement, the Project is required to pay, when due, all taxes, assessments and other charges. Statement of Condition: The Project is deficient in funding escrow deposits in the amount of $7,861, as required by HUD. Cause: The Project did not properly fund the escrow accounts based on current period insurance premiums and tax rates. Effect or Potential Effect: The escrow deposits are not sufficient to meet future obligations. Auditor Non-Compliance Code: Z - Other Reporting Views of Responsible Officials: The Project agrees with the finding and auditor?s recommendations will be adopted. Recommendation: The Project should make sufficient deposits to the escrow accounts in a timely manner. Response Indicator: Agree. Completion Date: 12/20/2022 Response: The shortfall was due to premium increases and a change in accounting staff. The required additional monthly deposit was deposited in December.
Finding 2022-001
SECTION III ? FINDINGS AND QUESTIONED COSTS ? MAJOR FEDERAL AWARD PROGRAMS AUDIT FINDING No. 2022-001: Section 207/223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects, CFDA 14.155 Finding Resolution Status: Resolved. Information on Universe Population Size: Escrow accounts. Sample Size Information: Escrow accounts. Identification of Repeat Finding and Finding Reference Number: No. Criteria: As required by the regulatory agreement, the Project is required to pay, when due, all taxes, assessments and other charges. Statement of Condition: The Project is deficient in funding escrow deposits in the amount of $7,861, as required by HUD. Cause: The Project did not properly fund the escrow accounts based on current period insurance premiums and tax rates. Effect or Potential Effect: The escrow deposits are not sufficient to meet future obligations. Auditor Non-Compliance Code: Z - Other Reporting Views of Responsible Officials: The Project agrees with the finding and auditor?s recommendations will be adopted. Recommendation: The Project should make sufficient deposits to the escrow accounts in a timely manner. Response Indicator: Agree. Completion Date: 12/20/2022 Response: The shortfall was due to premium increases and a change in accounting staff. The required additional monthly deposit was deposited in December.