FAC Explorer

Audit 296315

FY End
2022-12-31
Total Expended
$3.40M
Findings
2
Programs
1
Organization: Chestnut Hill Housing INC (CT)
Year: 2022 Accepted: 2024-03-21
Auditor: Bailey Moore Glazer Schaeffer & Proto LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
382711 2022-001 - - N
959153 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $3.16M Yes 1

Contacts

Name Title Type
JH36NMXLMH88 Sabine Cox Auditee
2032304809 Brian S Borgerson CPA Auditor
No contacts on file

Notes to SEFA

Title: Note C — U.S. Department of Housing and Urban Development Loan Program: Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Chestnut Hill Housing, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Regulatons Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The schedule presents only a selected portion of the operations of Chestnut Hill Housing, Inc. It is not intended to, and does not present, the financial position, changes in net assets or cash flows of Chestnut Hill Housing, Inc. De Minimis Rate Used: N Rate Explanation: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Chestnut Hill Housing, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Regulatons Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The schedule presents only a selected portion of the operations of Chestnut Hill Housing, Inc. It is not intended to, and does not present, the financial position, changes in net assets or cash flows of Chestnut Hill Housing, Inc. Chestnut Hill Housing, Inc. has received a U.S. Department of Housing and Urban Development Section 202 Capital Advance. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Chestnut Hill Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2022, consists of: Program Name CFDA # Section 202 Capital Advance 14.157 $ 3,161,700

Finding Details

Finding 2022-001
CFDA Number:14.157 - Section 202 Cap Adv Grantor: HUD Questioned Costs: $0 Description of Condition: Cause of the Condition: Effect of the Condition: Recommendations: When preparing reserve requests management should match invoices to the request and make sure invoices not already paid are timely paid after the withdrawal is made. Withdrawals from the replacement reserve account require that the funds be expended within a timely manner after removal from the reserve account. Funds totaling $2,130.00 from the approval totaling $9,506.91, approved May 18, 2022, and withdrawn May 23, 2022, were not expended for any purpose. Care was not taken when preparing the reserve request to determine amounts actually due and payable or to timely pay bills incurred at the time of the withdrawal. Funds withdrawn from the replacement reserve may have been used for other purposes.
Finding 2022-001
CFDA Number:14.157 - Section 202 Cap Adv Grantor: HUD Questioned Costs: $0 Description of Condition: Cause of the Condition: Effect of the Condition: Recommendations: When preparing reserve requests management should match invoices to the request and make sure invoices not already paid are timely paid after the withdrawal is made. Withdrawals from the replacement reserve account require that the funds be expended within a timely manner after removal from the reserve account. Funds totaling $2,130.00 from the approval totaling $9,506.91, approved May 18, 2022, and withdrawn May 23, 2022, were not expended for any purpose. Care was not taken when preparing the reserve request to determine amounts actually due and payable or to timely pay bills incurred at the time of the withdrawal. Funds withdrawn from the replacement reserve may have been used for other purposes.