FAC Explorer

Audit 290628

FY End
2023-06-30
Total Expended
$824,983
Findings
2
Programs
1
Organization: Rose Arc Housing, Inc. (RI)
Year: 2023 Accepted: 2024-02-15
Auditor: Otrando Porcaro & Associates LTD

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
369441 2023-001 Material Weakness Yes N
945883 2023-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $775,700 Yes 1

Contacts

Name Title Type
RCU2EPFRKDU7 Kimberly Ash Auditee
4017229540 Gregory A. Porcaro, Cpa/abv, Mst, Cff Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of the Corporation under its program of the federal government for the year ended June 30, 2023. The information in the 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. 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: 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 775700.

Finding Details

Finding 2023-001
Criteria: Replacement reserve deposits should be made monthly in an amount determined by HUD. Condition: During the year ended June 30, 2023, one of the twelve deposits were made to the replacement reserve account. Cause: The project failed to make the required deposits to the replacement reserve. Effect or potential effect: The project is in violation of HUD replacement reserve procedures. Questioned costs: None. Perspective: One deposit of $1,000 was made in July 2022. No other deposits were made in the remaining eleven months in the audit period. Repeat finding: Yes.
Finding 2023-001
Criteria: Replacement reserve deposits should be made monthly in an amount determined by HUD. Condition: During the year ended June 30, 2023, one of the twelve deposits were made to the replacement reserve account. Cause: The project failed to make the required deposits to the replacement reserve. Effect or potential effect: The project is in violation of HUD replacement reserve procedures. Questioned costs: None. Perspective: One deposit of $1,000 was made in July 2022. No other deposits were made in the remaining eleven months in the audit period. Repeat finding: Yes.