Audit 26795

FY End

2022-06-30

Total Expended

$1.93M

Findings

4

Programs

2

Organization: Swope Gardens Housing Corporation (MO)

Year: 2022 Accepted: 2023-09-05

Auditor: Ralph C Johnson & CO PC

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
31707	2022-001	-	Yes	C
31708	2022-001	-	Yes	C
608149	2022-001	-	Yes	C
608150	2022-001	-	Yes	C

ALN	Program	Spent	Major	Findings
14.181	Supportive Housing for Persons with Disabilities	$1.83M	Yes	1
14.195	Section 8 Housing Assistance Payments Program	$96,818	-	1

Contacts

Name	Title	Type
UMTRUWUDBF61	Fred Gibbs	Auditee
8168414898	Ralph C Johnson	Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS PRESENTATIONThe above schedule of expenditures of federal awards includes the federal activity of Swope Garden Housing Corporation., HUD Project No. 084-HD062, 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 Part 200, Uniform Administrative Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of the basic financial statements.NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the Schedule of Expenditures of Federal Awards are reported based upon generally accepted accounting principles of the United States of America.NOTE C - SUB-RECIPIENTSThere were no sub-recipients of Swope Gardens Housing Corporation.NOTE D - INDIRECT COST RATESwope Gardens Housing Corporation has elected not 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. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1835000.

Finding Details

Finding 2022-001

Finding 2022-001- Residual Receipt Deposits Federal Agency: U. S. Department of Housing and Urban Development Program Name: Section 811 Capital Advance Assistance Listing NO 14.181 ($1,835,000) Questioned Costs None Condition Found The $14, 786 of surplus cash at June 30, 2022 was not deposited into the residual receipts account within ninety days. Criteria: According to HUD?s guidelines, a Project must deposit surplus cash due to residual receipts within ninety days after the fiscal period ends (REAC submission due date) Cause Project management did not transfer the surplus cash of $14,786 from the operating account to the residual receipts Effect: The Project held excess cash and did not make the required residual receipts deposits. Recommendation: The Project should make a deposit of $14,786 for the year ended June 30, 2022. Procedures should be improved to ensure that surplus cash is calculated and transferred to the residual receipt account timely. Management?s response Management will fund residual receipts within the required timeframe going forward.

Finding 2022-001

Finding 2022-001- Residual Receipt Deposits Federal Agency: U. S. Department of Housing and Urban Development Program Name: Section 811 Capital Advance Assistance Listing NO 14.181 ($1,835,000) Questioned Costs None Condition Found The $14, 786 of surplus cash at June 30, 2022 was not deposited into the residual receipts account within ninety days. Criteria: According to HUD?s guidelines, a Project must deposit surplus cash due to residual receipts within ninety days after the fiscal period ends (REAC submission due date) Cause Project management did not transfer the surplus cash of $14,786 from the operating account to the residual receipts Effect: The Project held excess cash and did not make the required residual receipts deposits. Recommendation: The Project should make a deposit of $14,786 for the year ended June 30, 2022. Procedures should be improved to ensure that surplus cash is calculated and transferred to the residual receipt account timely. Management?s response Management will fund residual receipts within the required timeframe going forward.

Finding 2022-001

Finding 2022-001- Residual Receipt Deposits Federal Agency: U. S. Department of Housing and Urban Development Program Name: Section 811 Capital Advance Assistance Listing NO 14.181 ($1,835,000) Questioned Costs None Condition Found The $14, 786 of surplus cash at June 30, 2022 was not deposited into the residual receipts account within ninety days. Criteria: According to HUD?s guidelines, a Project must deposit surplus cash due to residual receipts within ninety days after the fiscal period ends (REAC submission due date) Cause Project management did not transfer the surplus cash of $14,786 from the operating account to the residual receipts Effect: The Project held excess cash and did not make the required residual receipts deposits. Recommendation: The Project should make a deposit of $14,786 for the year ended June 30, 2022. Procedures should be improved to ensure that surplus cash is calculated and transferred to the residual receipt account timely. Management?s response Management will fund residual receipts within the required timeframe going forward.

Finding 2022-001

Finding 2022-001- Residual Receipt Deposits Federal Agency: U. S. Department of Housing and Urban Development Program Name: Section 811 Capital Advance Assistance Listing NO 14.181 ($1,835,000) Questioned Costs None Condition Found The $14, 786 of surplus cash at June 30, 2022 was not deposited into the residual receipts account within ninety days. Criteria: According to HUD?s guidelines, a Project must deposit surplus cash due to residual receipts within ninety days after the fiscal period ends (REAC submission due date) Cause Project management did not transfer the surplus cash of $14,786 from the operating account to the residual receipts Effect: The Project held excess cash and did not make the required residual receipts deposits. Recommendation: The Project should make a deposit of $14,786 for the year ended June 30, 2022. Procedures should be improved to ensure that surplus cash is calculated and transferred to the residual receipt account timely. Management?s response Management will fund residual receipts within the required timeframe going forward.