FAC Explorer

Audit 29852

FY End
2022-12-31
Total Expended
$2.24M
Findings
2
Programs
2
Organization: Alex W. Thompson Housing Corporation 033-Ee018 (PA)
Year: 2022 Accepted: 2023-06-25
Auditor: Felix & Gloekler PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
29142 2022-001 Significant Deficiency Yes C
605584 2022-001 Significant Deficiency Yes C

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $2.17M Yes 1
14.195 Section 8 Housing Assistance Payments Program $67,618 - 0

Contacts

Name Title Type
N3BHDJ9CVU63 Hong Stanton Auditee
8144592761 Stephen J Falk, Iii, CPA Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Alex W. Thompson Housing Corporation, HUD Project No. 033-EE018, under programs of the federal government for the year ended December 31, 2021. 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 Alex W. Thompson Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Alex W. Thompson Housing Corporation. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were $2,169,500.

Finding Details

Finding 2022-001
1. Summary of auditors' results (i) Type of report issued on the financial statements: Unmodified (ii) Internal control over financial reporting: Material weaknesses identified? No Significant deficiencies identified? Yes, Finding 2022-001 (iii) Noncompliance material to the financial statements noted? No (iv) Internal control over major federal programs: Material weaknesses identified? No Significant deficiencies identified? Yes, Finding 2022-001 (v) Type of report issued on compliance for major programs: Unmodified opinion. (vi) Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes (vii) Major program: Section 202 Capital Advance ALN: 14.157 (viii) Dollar threshold used for distinguishing Types A and B programs: $750,000 (ix) Auditee qualified as a low-risk auditee? No 2. Findings required to be reported in accordance with generally accepted government auditing standards 2022-001: Capital Advance ALN: 14.157 ? Replacement Reserve Deposits ? Finding Resolution Status: In Process ? Information on Universe Population Size: Twelve monthly deposits ? Sample Size Information: Twelve ? Identification of Repeat Finding and Finding Reference Number: 2021-001 ? Criteria: Under the Capital Advance agreement, HUD requires monthly deposits to the replacement reserve account for future capital expenditures.
Finding 2022-001
1. Summary of auditors' results (i) Type of report issued on the financial statements: Unmodified (ii) Internal control over financial reporting: Material weaknesses identified? No Significant deficiencies identified? Yes, Finding 2022-001 (iii) Noncompliance material to the financial statements noted? No (iv) Internal control over major federal programs: Material weaknesses identified? No Significant deficiencies identified? Yes, Finding 2022-001 (v) Type of report issued on compliance for major programs: Unmodified opinion. (vi) Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes (vii) Major program: Section 202 Capital Advance ALN: 14.157 (viii) Dollar threshold used for distinguishing Types A and B programs: $750,000 (ix) Auditee qualified as a low-risk auditee? No 2. Findings required to be reported in accordance with generally accepted government auditing standards 2022-001: Capital Advance ALN: 14.157 ? Replacement Reserve Deposits ? Finding Resolution Status: In Process ? Information on Universe Population Size: Twelve monthly deposits ? Sample Size Information: Twelve ? Identification of Repeat Finding and Finding Reference Number: 2021-001 ? Criteria: Under the Capital Advance agreement, HUD requires monthly deposits to the replacement reserve account for future capital expenditures.