FAC Explorer

Audit 299288

FY End
2023-12-31
Total Expended
$7.74M
Findings
6
Programs
1
Organization: Eaton Place 202, Inc. (MA)
Year: 2023 Accepted: 2024-03-28
Auditor: Cohnreznick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
386943 2023-001 Material Weakness - P
386944 2023-001 Material Weakness - P
386945 2023-001 Material Weakness - P
963385 2023-001 Material Weakness - P
963386 2023-001 Material Weakness - P
963387 2023-001 Material Weakness - P

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $208,460 Yes 1

Contacts

Name Title Type
J5YKK6LGG1V7 Mary Sugrue Auditee
6176959595 James Matzdorff Auditor
No contacts on file

Notes to SEFA

Title: 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 allowable or are limited as to reimbursement. De Minimis Rate Used: Y Rate Explanation: The Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Eaton Place 202, Inc. under programs of the federal government for the year ended December 31, 2023. 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 Eaton Place 202, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Eaton Place 202, Inc. For the year ended December 31, 2023, no awards were passed through to subrecipients.
Title: Federal loan programs 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 allowable or are limited as to reimbursement. De Minimis Rate Used: Y Rate Explanation: The Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The federal loan program listed below is administered directly by the U.S. Department of Housing and Urban Development, and balances and transactions relating to this program is included in Eaton Place 202, Inc.'s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Eaton Place 202, Inc. received no additional loans during the year. The balance of the loan outstanding as of December 31, 2023 consists of: Assistance Listing Number Program Name Outstanding December 31, 2023 14.157 Section 202 Capital Advance $ 7,136,500 14.157 Section 202 Demonstration Predevelopment Grant 400,000

Finding Details

Finding 2023-001
Department of Housing and Urban Development Finding No. 2023-001; Supportive Housing for the Elderly 14.157 Criteria Residual receipt account balances in excess of the retained balance must be remitted to HUD at the time of PRAC contract expiration/renewal. Condition The Project did not remit excess receipts during 2023. Cause The procedures to request approval from HUD to remit excess residual receipts were not followed. Effect or Potential Effect The Project was unable to remit excess residual receipts during the required timeframe. Questioned Costs As of December 31, 2022, the excess residual receipts amount which was required to be remitted during 2023 amounted to $44,937. Identification as a Repeat Finding Not applicable. Recommendation Management should establish internal controls and procedures to ensure that required residual receipt remittances are made when required. Auditor Noncompliance Code: Z - Other Finding Resolution Status: In Process Views of Responsible Officials The Corporation agrees with the finding and the auditor's recommendations have been adopted.
Finding 2023-001
Department of Housing and Urban Development Finding No. 2023-001; Supportive Housing for the Elderly 14.157 Criteria Residual receipt account balances in excess of the retained balance must be remitted to HUD at the time of PRAC contract expiration/renewal. Condition The Project did not remit excess receipts during 2023. Cause The procedures to request approval from HUD to remit excess residual receipts were not followed. Effect or Potential Effect The Project was unable to remit excess residual receipts during the required timeframe. Questioned Costs As of December 31, 2022, the excess residual receipts amount which was required to be remitted during 2023 amounted to $44,937. Identification as a Repeat Finding Not applicable. Recommendation Management should establish internal controls and procedures to ensure that required residual receipt remittances are made when required. Auditor Noncompliance Code: Z - Other Finding Resolution Status: In Process Views of Responsible Officials The Corporation agrees with the finding and the auditor's recommendations have been adopted.
Finding 2023-001
Department of Housing and Urban Development Finding No. 2023-001; Supportive Housing for the Elderly 14.157 Criteria Residual receipt account balances in excess of the retained balance must be remitted to HUD at the time of PRAC contract expiration/renewal. Condition The Project did not remit excess receipts during 2023. Cause The procedures to request approval from HUD to remit excess residual receipts were not followed. Effect or Potential Effect The Project was unable to remit excess residual receipts during the required timeframe. Questioned Costs As of December 31, 2022, the excess residual receipts amount which was required to be remitted during 2023 amounted to $44,937. Identification as a Repeat Finding Not applicable. Recommendation Management should establish internal controls and procedures to ensure that required residual receipt remittances are made when required. Auditor Noncompliance Code: Z - Other Finding Resolution Status: In Process Views of Responsible Officials The Corporation agrees with the finding and the auditor's recommendations have been adopted.
Finding 2023-001
Department of Housing and Urban Development Finding No. 2023-001; Supportive Housing for the Elderly 14.157 Criteria Residual receipt account balances in excess of the retained balance must be remitted to HUD at the time of PRAC contract expiration/renewal. Condition The Project did not remit excess receipts during 2023. Cause The procedures to request approval from HUD to remit excess residual receipts were not followed. Effect or Potential Effect The Project was unable to remit excess residual receipts during the required timeframe. Questioned Costs As of December 31, 2022, the excess residual receipts amount which was required to be remitted during 2023 amounted to $44,937. Identification as a Repeat Finding Not applicable. Recommendation Management should establish internal controls and procedures to ensure that required residual receipt remittances are made when required. Auditor Noncompliance Code: Z - Other Finding Resolution Status: In Process Views of Responsible Officials The Corporation agrees with the finding and the auditor's recommendations have been adopted.
Finding 2023-001
Department of Housing and Urban Development Finding No. 2023-001; Supportive Housing for the Elderly 14.157 Criteria Residual receipt account balances in excess of the retained balance must be remitted to HUD at the time of PRAC contract expiration/renewal. Condition The Project did not remit excess receipts during 2023. Cause The procedures to request approval from HUD to remit excess residual receipts were not followed. Effect or Potential Effect The Project was unable to remit excess residual receipts during the required timeframe. Questioned Costs As of December 31, 2022, the excess residual receipts amount which was required to be remitted during 2023 amounted to $44,937. Identification as a Repeat Finding Not applicable. Recommendation Management should establish internal controls and procedures to ensure that required residual receipt remittances are made when required. Auditor Noncompliance Code: Z - Other Finding Resolution Status: In Process Views of Responsible Officials The Corporation agrees with the finding and the auditor's recommendations have been adopted.
Finding 2023-001
Department of Housing and Urban Development Finding No. 2023-001; Supportive Housing for the Elderly 14.157 Criteria Residual receipt account balances in excess of the retained balance must be remitted to HUD at the time of PRAC contract expiration/renewal. Condition The Project did not remit excess receipts during 2023. Cause The procedures to request approval from HUD to remit excess residual receipts were not followed. Effect or Potential Effect The Project was unable to remit excess residual receipts during the required timeframe. Questioned Costs As of December 31, 2022, the excess residual receipts amount which was required to be remitted during 2023 amounted to $44,937. Identification as a Repeat Finding Not applicable. Recommendation Management should establish internal controls and procedures to ensure that required residual receipt remittances are made when required. Auditor Noncompliance Code: Z - Other Finding Resolution Status: In Process Views of Responsible Officials The Corporation agrees with the finding and the auditor's recommendations have been adopted.