FAC Explorer

Audit 29823

FY End
2022-03-31
Total Expended
$2.63M
Findings
4
Programs
1
Organization: Belmont Elderly Housing, Inc. (NH)
Year: 2022 Accepted: 2022-10-13
Auditor: Leone McDonnell & Roberts P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
37999 2022-001 - - N
38000 2022-001 - - N
614441 2022-001 - - N
614442 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $2.35M Yes 1

Contacts

Name Title Type
EXWHSMMQS391 Jill Lesmerises Auditee
6032253295 Shauna Brown Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A: BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards includes the federal awardactivity of Belmont Elderly Housing, Inc., HUD Project No. 024-EE011, and is presented on theaccrual basis of accounting. The information in this schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations ofBelmont Elderly Housing, Inc., it is not intended to and does not present the financial position,changes in net assets, or cash flows of Belmont Elderly Housing, Inc. NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Belmont Elderly Housing, Inc. has elected not to use the 10 percent de minim is indirect costrate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2347500.

Finding Details

Finding 2022-001
Department of Housing and Urban Development - Section 202 14.157 2022-001 Condition: One of the monthly Reserve for Replacement deposits was not deposited in the correct month. Criteria: HUD requires monthly deposits to the Reserve for Replacement account. Effect: Monthly deposit was not made timely. Context: Auditor reviewed the monthly bank statements and noted one deposit was not made in the correct month. Cause: Lack of oversight by management agent. Recommendation: A procedure be implemented to ensure that the Project remains in compliance with its regulatory agreement and all monthly reserve for replacement deposits are made timely.
Finding 2022-001
Department of Housing and Urban Development - Section 202 14.157 2022-001 Condition: One of the monthly Reserve for Replacement deposits was not deposited in the correct month. Criteria: HUD requires monthly deposits to the Reserve for Replacement account. Effect: Monthly deposit was not made timely. Context: Auditor reviewed the monthly bank statements and noted one deposit was not made in the correct month. Cause: Lack of oversight by management agent. Recommendation: A procedure be implemented to ensure that the Project remains in compliance with its regulatory agreement and all monthly reserve for replacement deposits are made timely.
Finding 2022-001
Department of Housing and Urban Development - Section 202 14.157 2022-001 Condition: One of the monthly Reserve for Replacement deposits was not deposited in the correct month. Criteria: HUD requires monthly deposits to the Reserve for Replacement account. Effect: Monthly deposit was not made timely. Context: Auditor reviewed the monthly bank statements and noted one deposit was not made in the correct month. Cause: Lack of oversight by management agent. Recommendation: A procedure be implemented to ensure that the Project remains in compliance with its regulatory agreement and all monthly reserve for replacement deposits are made timely.
Finding 2022-001
Department of Housing and Urban Development - Section 202 14.157 2022-001 Condition: One of the monthly Reserve for Replacement deposits was not deposited in the correct month. Criteria: HUD requires monthly deposits to the Reserve for Replacement account. Effect: Monthly deposit was not made timely. Context: Auditor reviewed the monthly bank statements and noted one deposit was not made in the correct month. Cause: Lack of oversight by management agent. Recommendation: A procedure be implemented to ensure that the Project remains in compliance with its regulatory agreement and all monthly reserve for replacement deposits are made timely.