FAC Explorer

Audit 294324

FY End
2023-12-31
Total Expended
$1.39M
Findings
8
Programs
1
Organization: Statewide Bay Landing, Inc. (RI)
Year: 2023 Accepted: 2024-03-09
Auditor: D'ambra CPA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
374644 2023-003 Significant Deficiency - C
374645 2023-004 Significant Deficiency - C
374646 2023-001 Significant Deficiency - N
374647 2023-002 Significant Deficiency - C
951086 2023-003 Significant Deficiency - C
951087 2023-004 Significant Deficiency - C
951088 2023-001 Significant Deficiency - N
951089 2023-002 Significant Deficiency - C

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $88,390 Yes 2

Contacts

Name Title Type
C2JYF7TJQLP3 Cynthia Langlykke Auditee
4015952321 Craig D'ambra Auditor
No contacts on file

Notes to SEFA

Title: 1 Accounting Policies: SEE ATTACHED De Minimis Rate Used: N Rate Explanation: NOT REQUIRED TO. The schedule of expenditures of federal awards includes the federal award activity of the Corporation. 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: 2 Accounting Policies: SEE ATTACHED De Minimis Rate Used: N Rate Explanation: NOT REQUIRED TO. 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. The Corporation has elected not to use the 10 percent de-minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3 Accounting Policies: SEE ATTACHED De Minimis Rate Used: N Rate Explanation: NOT REQUIRED TO. The Corporation received loan(s) directly or indirectly from the U.S. Department of Housing and Urban Development which is (are) included above. If there were no current year advances on the loan, the loan balance above reflects the beginning of the year balance. If there were advances on the loan, the loan balance above reflects the highest balance during the year.
Title: 4 Accounting Policies: SEE ATTACHED De Minimis Rate Used: N Rate Explanation: NOT REQUIRED TO. Certain grants, while fully expended, contain continuing compliance requirements and are thus included in the Schedule.

Finding Details

Finding 2023-003
Federal program - Section 202: Criteria - HUD regulations specify the amount required to be deposited on a monthly basis to the replacement reserve account.; Condition - no deposits were made for 8 months and the total deposits were underfunded by $13,585 (including the prior year duplicate withdrawal totaling $6,309 not yet transferred); Cause - the late deposits and funding shortfall were due to the property experiencing a cash flow problem and therefore unable to make the required deposits; Recommendation - the management agent should make all future deposits on a timely basis and arrange to fund the shortfall. Response: Management will make every effort to fund future deposits on a timely basis and will attempt to find resources to fund the shortfall.
Finding 2023-004
Federal program - Section 202: Criteria: HUD regulations require that cash funds be fully insured or the banks ratings monitored on a regular basis; Condition: funds held in one bank exceed the FDIC insurance limit by $4,597 and the banks ratings are not monitored; Cause: the management agent neglected to set up a program with the bank providing for automatic transfers to member banks to provide for full FDIC insurance; Effect: the property may be at risk of loss of funds; Recommendation: the management agent should set up the necessary paperwork with the bank to provide for the full FDIC insurance coverage. Response: The management agent will set up the necessary paperwork.
Finding 2023-001
Federal program - Section 202: Criteria: The HUD Occupancy handbook specifies the nature and content of the tenant income annual recertification; Condition: in testing tenant recertification files, I noted the following errors- no EIV obtained (1 of 2 files) and no unit inspection performed (1 of 2 files); Cause: management oversight; Effect: the tenant recertification income may be incorrect and the property may have possible physical property damage uncorrected; Recommendation: Management obtain the required documentation. Response: The management agent will obtain the required documentation.
Finding 2023-002
Federal program - Section 202: Criteria - Federal regulations require the security deposit cash account to be fully funded; Condition - the cash account is deficient by $628; Cause - the deposits are being made to the operating account and not the security deposit account in error; Recommendation - the cash account should be fully funded and all future deposits made to the correct account. Response: The management agent will transfer funds to fully fund the security deposits and will make every effort to deposit security deposits to the correct account.
Finding 2023-003
Federal program - Section 202: Criteria - HUD regulations specify the amount required to be deposited on a monthly basis to the replacement reserve account.; Condition - no deposits were made for 8 months and the total deposits were underfunded by $13,585 (including the prior year duplicate withdrawal totaling $6,309 not yet transferred); Cause - the late deposits and funding shortfall were due to the property experiencing a cash flow problem and therefore unable to make the required deposits; Recommendation - the management agent should make all future deposits on a timely basis and arrange to fund the shortfall. Response: Management will make every effort to fund future deposits on a timely basis and will attempt to find resources to fund the shortfall.
Finding 2023-004
Federal program - Section 202: Criteria: HUD regulations require that cash funds be fully insured or the banks ratings monitored on a regular basis; Condition: funds held in one bank exceed the FDIC insurance limit by $4,597 and the banks ratings are not monitored; Cause: the management agent neglected to set up a program with the bank providing for automatic transfers to member banks to provide for full FDIC insurance; Effect: the property may be at risk of loss of funds; Recommendation: the management agent should set up the necessary paperwork with the bank to provide for the full FDIC insurance coverage. Response: The management agent will set up the necessary paperwork.
Finding 2023-001
Federal program - Section 202: Criteria: The HUD Occupancy handbook specifies the nature and content of the tenant income annual recertification; Condition: in testing tenant recertification files, I noted the following errors- no EIV obtained (1 of 2 files) and no unit inspection performed (1 of 2 files); Cause: management oversight; Effect: the tenant recertification income may be incorrect and the property may have possible physical property damage uncorrected; Recommendation: Management obtain the required documentation. Response: The management agent will obtain the required documentation.
Finding 2023-002
Federal program - Section 202: Criteria - Federal regulations require the security deposit cash account to be fully funded; Condition - the cash account is deficient by $628; Cause - the deposits are being made to the operating account and not the security deposit account in error; Recommendation - the cash account should be fully funded and all future deposits made to the correct account. Response: The management agent will transfer funds to fully fund the security deposits and will make every effort to deposit security deposits to the correct account.