FAC Explorer

Audit 297287

FY End
2023-06-30
Total Expended
$1.12M
Findings
2
Programs
2
Organization: Housing Authority of the City of Piedmont (AL)
Year: 2023 Accepted: 2024-03-25
Auditor: Aprio LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
384192 2023-001 - Yes N
960634 2023-001 - Yes N

Programs

ALN Program Spent Major Findings
14.850 Public and Indian Housing $874,154 - 1
14.872 Public Housing Capital Fund $249,280 Yes 0

Contacts

Name Title Type
MYF7YFW4V2L4 Kelley Ballew Auditee
2564477233 Tim Sumrall Auditor
No contacts on file

Notes to SEFA

Title: NOTE 1 – BASIS OF PRESENTATION Accounting Policies: 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 allowed or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform Guidance. The above Schedule of Expenditures of Federal Awards includes the federal award activity of the Authority under programs of the federal government for the year ended June 30, 2023. The information on this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of operations of the Authority, it is not intended to and does not present the financial net position, changes in net position, or cash flows of the Authority.
Title: NOTE 3 – AWARDS PASSED-THROUGH TO SUBRECIPIENTS Accounting Policies: 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 allowed or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform Guidance. No federal award funds were passed through to subrecipient grantees during the fiscal year ended June 30, 2023.
Title: NOTE 4 – NON-MONETARY FEDERAL AWARDS ASSISTANCE Accounting Policies: 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 allowed or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform Guidance. The Authority did not receive or expend non-monetary federal awards assistance during the fiscal year ended June 30, 2023.

Finding Details

Finding 2023-001
Public Housing Program – CFDA No. 14.850, Year ended June 30, 2023 Criteria: PIH notice 96-33 requires all funds in excess of FDIC coverage be collateralized with specific approved governmental securities held in the Authority’s name.Management’s Response to Finding: The Authority’s Executive Director, Kelley Ballew, has assumed the responsibility of maintaining sufficient collateral and will monitor account balances regularly. Responsible Party: Kelley Ballew, Executive Director, (256)447-6734. Anticipated Completion Date: June 30, 2024 Condition and Cause: The Authority did not have collateralization pledged to the Authority for $50,000 invested as of June 30, 2023, which was not insured by FDIC or invested in U.S. Treasury Obligations. Potential Effect: Had there been a bank failure or theft the Authority may not have recovered up to $50,000 in federal funds. Questioned Costs: None Perspective Information: The Authority opened a Certificate of Deposit in another bank for $300,000 during the year and did not obtain collateralization for amounts over FDIC coverage. Repeat Finding: Yes Recommendation: We recommend the Authority monitor their bank balances with financial institutions on a monthly basis to assure the banks have sufficient collateral pledged at all times.
Finding 2023-001
Public Housing Program – CFDA No. 14.850, Year ended June 30, 2023 Criteria: PIH notice 96-33 requires all funds in excess of FDIC coverage be collateralized with specific approved governmental securities held in the Authority’s name.Management’s Response to Finding: The Authority’s Executive Director, Kelley Ballew, has assumed the responsibility of maintaining sufficient collateral and will monitor account balances regularly. Responsible Party: Kelley Ballew, Executive Director, (256)447-6734. Anticipated Completion Date: June 30, 2024 Condition and Cause: The Authority did not have collateralization pledged to the Authority for $50,000 invested as of June 30, 2023, which was not insured by FDIC or invested in U.S. Treasury Obligations. Potential Effect: Had there been a bank failure or theft the Authority may not have recovered up to $50,000 in federal funds. Questioned Costs: None Perspective Information: The Authority opened a Certificate of Deposit in another bank for $300,000 during the year and did not obtain collateralization for amounts over FDIC coverage. Repeat Finding: Yes Recommendation: We recommend the Authority monitor their bank balances with financial institutions on a monthly basis to assure the banks have sufficient collateral pledged at all times.