FAC Explorer

Audit 294325

FY End
2023-12-31
Total Expended
$1.45M
Findings
4
Programs
1
Organization: Statewide Bay Landing Ii, Inc. (RI)
Year: 2023 Accepted: 2024-03-09
Auditor: D'ambra CPA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
374648 2023-001 Significant Deficiency - N
374649 2023-002 Significant Deficiency - C
951090 2023-001 Significant Deficiency - N
951091 2023-002 Significant Deficiency - C

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $106,298 Yes 1

Contacts

Name Title Type
DAMXRSX8WR25 Craig D'ambra Auditee
4014742300 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 2023-001
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 unit inspection (1 of 2 files); Cause: management oversight; Effect: possible physical property damage uncorrected; Recommendation: Management should perform the unit inspection for all units annually. Response: The management agent will perform the missing unit inspection and make every effort to perform annual inspections for all units.
Finding 2023-002
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 $12,968 including $3,242 from 2022; 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 2023-001
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 unit inspection (1 of 2 files); Cause: management oversight; Effect: possible physical property damage uncorrected; Recommendation: Management should perform the unit inspection for all units annually. Response: The management agent will perform the missing unit inspection and make every effort to perform annual inspections for all units.
Finding 2023-002
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 $12,968 including $3,242 from 2022; 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.