FAC Explorer

Audit 29624

FY End
2022-12-31
Total Expended
$1.06M
Findings
2
Programs
3
Organization: Waterbrook Place, Inc. (MO)
Year: 2022 Accepted: 2023-09-26
Auditor: Donovan CPAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
28816 2022-001 Significant Deficiency - P
605258 2022-001 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $903,900 Yes 1
14.239 Home Investment Partnerships Program $113,548 - 0
14.856 Lower Income Housing Assistance Program_section 8 Moderate Rehabilitation $42,437 - 0

Contacts

Name Title Type
YNXET81UCZT6 Becky Acton Auditee
5733563925 David Lemler Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal granting activity ofWaterbrook Housing Incorporated HUD Project 085-HD044 (Waterbrook) and is presented on the accrualbasis of accounting. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards. Therefore, some amounts presented in thisschedule may differ from amounts presented in or used in the preparation of the basic financialstatements. 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 903,900. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 113,548.

Finding Details

Finding 2022-001
Finding 2022-001 ? Filing Annual Reports Timely Finding Resolution Status: In process. Information on Universe and Population Size: This is not applicable. Sample Size Information: This is not applicable. Noncompliance Information: This is not applicable. Statement of Condition: Waterbrook violated the U.S. Department of Housing and Urban Development (HUD) Regulatory agreement by not filing 2022 audited financial statements on time. Criteria: HUD regulatory agreement requires annual audited financial statements be submitted to Real Estate Assessment Center (REAC) using the Financial Assessment Subsystem (FASSUB) 90 days after year end. Effect or Potential Effect: Waterbrook is in violation of the HUD regulatory agreement and capital advance documents. Cause: Unaware of HUD Regulatory Agreement. Recommendation: Waterbrook should immediately file the annual audited financial statements with HUD and REAC using the FASSUB system. Auditor Noncompliance Information: Z ? Other. Questioned Costs: $0 Reporting Views of Responsible Officials: Waterbrook will file the 2022 audited financial statements with HUD and REAC using the FASSUB system. Concur or Do Not Concur with This Finding: Concur. Agree or Disagree with Auditor Recommendations: Agree. Completion Date: August 31, 2023 Actions Taken or Plan on the Finding: Waterbrook will file the 2022 audited financial statements with HUD and REAC using the FASSUB system. Waterbrook hired a new auditing firm to file the 2022 audited financial statements with HUD and REAC.
Finding 2022-001
Finding 2022-001 ? Filing Annual Reports Timely Finding Resolution Status: In process. Information on Universe and Population Size: This is not applicable. Sample Size Information: This is not applicable. Noncompliance Information: This is not applicable. Statement of Condition: Waterbrook violated the U.S. Department of Housing and Urban Development (HUD) Regulatory agreement by not filing 2022 audited financial statements on time. Criteria: HUD regulatory agreement requires annual audited financial statements be submitted to Real Estate Assessment Center (REAC) using the Financial Assessment Subsystem (FASSUB) 90 days after year end. Effect or Potential Effect: Waterbrook is in violation of the HUD regulatory agreement and capital advance documents. Cause: Unaware of HUD Regulatory Agreement. Recommendation: Waterbrook should immediately file the annual audited financial statements with HUD and REAC using the FASSUB system. Auditor Noncompliance Information: Z ? Other. Questioned Costs: $0 Reporting Views of Responsible Officials: Waterbrook will file the 2022 audited financial statements with HUD and REAC using the FASSUB system. Concur or Do Not Concur with This Finding: Concur. Agree or Disagree with Auditor Recommendations: Agree. Completion Date: August 31, 2023 Actions Taken or Plan on the Finding: Waterbrook will file the 2022 audited financial statements with HUD and REAC using the FASSUB system. Waterbrook hired a new auditing firm to file the 2022 audited financial statements with HUD and REAC.