FAC Explorer

Audit 267268

FY End
2022-06-30
Total Expended
$7.59M
Findings
4
Programs
6
Organization: Elderhomes Corporation Dba Project:homes and Subsidiaries (VA)
Year: 2022 Accepted: 2022-12-04
Auditor: Keiter

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
279119 2022-002 Material Weakness - P
279120 2022-001 Material Weakness - P
855561 2022-002 Material Weakness - P
855562 2022-001 Material Weakness - P

Programs

ALN Program Spent Major Findings
93.568 Low-Income Home Energy Assistance $2.65M - 0
14.218 Community Development Block Grants/entitlement Grants $2.02M Yes 2
14.239 Home Investment Partnerships Program $1.43M - 0
81.042 Weatherization Assistance for Low-Income Persons $910,426 - 0
14.900 Lead-Based Paint Hazard Control in Privately-Owned Housing $570,307 - 0
14.252 Section 4 Capacity Building for Community Development and Affordable Housing $12,500 - 0

Contacts

Name Title Type
R884ZZGNQKT5 Sheila Walters Auditee
8042332827 Amy Rybar Menefee Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of ElderHomes Corporation dba project:HOMES and Subsidiaries and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The amounts shown as current year expenditures represent only the federal portion of the actual program costs. Actual program costs, including the Organizations portion, may be more than shown. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-002
2022 ? 002 Developer Fees Receivable Condition: Developer fees receivable have not been recorded as required under Generally Accepted Accounting Principles. Criteria: Generally Accepted Accounting Principles require developer fees receivable to be recorded as a receivable and revenue in the period they are entered into. Cause: There are no procedures in place to appropriately record developer fees receivable. Effect: Developer fees receivable are not being recorded. Recommendation: Procedures should be implemented to record developer fees receivable and a schedule to track such receivables should be maintained. Views of Responsible Officials and Planned Corrective Actions: ElderHomes Corporation dba project:HOMES and Subsidiaries agrees with the finding and the recommend procedures have been implemented.
Finding 2022-001
2022 ? 001 Non-governmental grants Condition: Non-governmental grants without barriers to recognition are being recorded as a liability instead of as contributions with donor restrictions as required under Generally Accepted Accounting Principles. Criteria: Generally Accepted Accounting Principles require grants with purpose or time restrictions, but with no barriers to recognition, to be recorded as contributions with donor restrictions. Cause: There are no procedures in place to appropriately classify and record grants with purpose or time restrictions, but no barriers to recognition, as contributions with donor restrictions. Effect: Non-governmental grants are being recorded as a liability rather than as support and revenue with donor restrictions. Recommendation: Procedures should be implemented to record grants with purpose or time restrictions as net assets with donor restrictions rather than as liabilities and a net asset rollforward schedule to track such grants should be maintained. Views of Responsible Officials and Planned Corrective Actions: ElderHomes Corporation dba project:HOMES and Subsidiaries agrees with the finding and the recommend procedures have been implemented.
Finding 2022-002
2022 ? 002 Developer Fees Receivable Condition: Developer fees receivable have not been recorded as required under Generally Accepted Accounting Principles. Criteria: Generally Accepted Accounting Principles require developer fees receivable to be recorded as a receivable and revenue in the period they are entered into. Cause: There are no procedures in place to appropriately record developer fees receivable. Effect: Developer fees receivable are not being recorded. Recommendation: Procedures should be implemented to record developer fees receivable and a schedule to track such receivables should be maintained. Views of Responsible Officials and Planned Corrective Actions: ElderHomes Corporation dba project:HOMES and Subsidiaries agrees with the finding and the recommend procedures have been implemented.
Finding 2022-001
2022 ? 001 Non-governmental grants Condition: Non-governmental grants without barriers to recognition are being recorded as a liability instead of as contributions with donor restrictions as required under Generally Accepted Accounting Principles. Criteria: Generally Accepted Accounting Principles require grants with purpose or time restrictions, but with no barriers to recognition, to be recorded as contributions with donor restrictions. Cause: There are no procedures in place to appropriately classify and record grants with purpose or time restrictions, but no barriers to recognition, as contributions with donor restrictions. Effect: Non-governmental grants are being recorded as a liability rather than as support and revenue with donor restrictions. Recommendation: Procedures should be implemented to record grants with purpose or time restrictions as net assets with donor restrictions rather than as liabilities and a net asset rollforward schedule to track such grants should be maintained. Views of Responsible Officials and Planned Corrective Actions: ElderHomes Corporation dba project:HOMES and Subsidiaries agrees with the finding and the recommend procedures have been implemented.