FAC Explorer

Audit 295832

FY End
2023-12-31
Total Expended
$1.52M
Findings
2
Programs
1
Organization: Spurwink Realty Development Corporation (RI)
Year: 2023 Accepted: 2024-03-19
Auditor: D'ambra CPA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
381082 2023-001 - - P
957524 2023-001 - - P

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $111,841 Yes 1

Contacts

Name Title Type
HCG7V6FLY9F6 Regina Hayes Auditee
4017814380 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 811: Criteria - HUD handbook 4350 specifies the nature and content of tenant income certifications; Condition - tenant assets were not verified (1 of 2 files tested), no lease signed (1 of 2 files), and form 9887a not signed (1 of 2 files); Cause - management oversight; Recommendation - management should obtain the required documentation to determine if the tenant portion of the rent should change and staff should follow the checklist provided to ascertain all items are complete and the files are accurate. Response: the documentation was subsequently obtained and management will make every attempt to ascertain the recertifications are complete and accurate.
Finding 2023-001
Federal program - Section 811: Criteria - HUD handbook 4350 specifies the nature and content of tenant income certifications; Condition - tenant assets were not verified (1 of 2 files tested), no lease signed (1 of 2 files), and form 9887a not signed (1 of 2 files); Cause - management oversight; Recommendation - management should obtain the required documentation to determine if the tenant portion of the rent should change and staff should follow the checklist provided to ascertain all items are complete and the files are accurate. Response: the documentation was subsequently obtained and management will make every attempt to ascertain the recertifications are complete and accurate.