FAC Explorer

Audit 303617

FY End
2023-12-31
Total Expended
$1.83M
Findings
4
Programs
2
Organization: Winslow Gardens (RI)
Year: 2023 Accepted: 2024-04-16
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
393338 2023-001 Significant Deficiency - N
393339 2023-001 Significant Deficiency - N
969780 2023-001 Significant Deficiency - N
969781 2023-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.164 Operating Assistance for Troubled Multi-Family Housing Projects $1.43M Yes 1
93.498 Provider Relief Fund $171,712 - 0

Contacts

Name Title Type
DKWQJ4D7GFX9 Joseph Durand Auditee
4014387210 Jonathan Fink Auditor
No contacts on file

Notes to SEFA

Title: LOAN PROGRAMS Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Winslow Gardens under programs of the federal government for the year ended December 31, 2023. The information in the 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 Winslow Gardens, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of Winslow Gardens. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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. For performance-based awards, expenditures reported represent amounts earned. De Minimis Rate Used: N Rate Explanation: Winslow Gardens did not recover its indirect costs using the 10% de minimis indirect cost rate provided under the Uniform Guidance. The following is a summary of loans outstanding under federal loan programs: Loan Program -- Outstanding Loans Operating Assistance for Troubled Multi-Family Housing Projects -- $ 225,000 Operating Assistance for Troubled Multi-Family Housing Projects -- 1,429,375
Title: PROVIDER RELIEF FUND Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Winslow Gardens under programs of the federal government for the year ended December 31, 2023. The information in the 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 Winslow Gardens, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of Winslow Gardens. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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. For performance-based awards, expenditures reported represent amounts earned. De Minimis Rate Used: N Rate Explanation: Winslow Gardens did not recover its indirect costs using the 10% de minimis indirect cost rate provided under the Uniform Guidance. The Schedule includes Provider Relief Funds of $171,712 that were received in Period 5 in accordance with the requirements of the compliance supplement for assistance listing number 93.498. The revenue was recognized in a prior year.

Finding Details

Finding 2023-001
Federal agency: U.S. Department of Housing and Urban Development Federal program title: Operating Assistance for Troubled Multifamily Housing Projects Assistance Listing Number: 14.164 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: HUD requires that the Organization maintain a Fidelity Bond that is equal to or exceeds two months of gross potential receipts. Condition: Two months of gross potential receipts was in excess of the Fidelity Bond maintained by the Organization. Questioned costs: None Context: The Organization did not maintain a fidelity bond in excess of two months of gross potential collections. The required coverage was $616,781 or more, but the actual coverage was $500,000. Cause: The Organization did not increase their insurance coverage for increases in revenue and other receipts. Effect: The Organization does not have the required coverage determined by HUD and exposes themselves to potential liability. Repeat Finding: No Recommendation: We recommend that the Organization increase their Fidelity Bond insurance coverage. Views of responsible officials: There is no disagreement with the audit finding. Effective February 5, 2024, the Organization had increased their Fidelity Bond coverage for the 2024 fiscal year.
Finding 2023-001
Federal agency: U.S. Department of Housing and Urban Development Federal program title: Operating Assistance for Troubled Multifamily Housing Projects Assistance Listing Number: 14.164 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: HUD requires that the Organization maintain a Fidelity Bond that is equal to or exceeds two months of gross potential receipts. Condition: Two months of gross potential receipts was in excess of the Fidelity Bond maintained by the Organization. Questioned costs: None Context: The Organization did not maintain a fidelity bond in excess of two months of gross potential collections. The required coverage was $616,781 or more, but the actual coverage was $500,000. Cause: The Organization did not increase their insurance coverage for increases in revenue and other receipts. Effect: The Organization does not have the required coverage determined by HUD and exposes themselves to potential liability. Repeat Finding: No Recommendation: We recommend that the Organization increase their Fidelity Bond insurance coverage. Views of responsible officials: There is no disagreement with the audit finding. Effective February 5, 2024, the Organization had increased their Fidelity Bond coverage for the 2024 fiscal year.
Finding 2023-001
Federal agency: U.S. Department of Housing and Urban Development Federal program title: Operating Assistance for Troubled Multifamily Housing Projects Assistance Listing Number: 14.164 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: HUD requires that the Organization maintain a Fidelity Bond that is equal to or exceeds two months of gross potential receipts. Condition: Two months of gross potential receipts was in excess of the Fidelity Bond maintained by the Organization. Questioned costs: None Context: The Organization did not maintain a fidelity bond in excess of two months of gross potential collections. The required coverage was $616,781 or more, but the actual coverage was $500,000. Cause: The Organization did not increase their insurance coverage for increases in revenue and other receipts. Effect: The Organization does not have the required coverage determined by HUD and exposes themselves to potential liability. Repeat Finding: No Recommendation: We recommend that the Organization increase their Fidelity Bond insurance coverage. Views of responsible officials: There is no disagreement with the audit finding. Effective February 5, 2024, the Organization had increased their Fidelity Bond coverage for the 2024 fiscal year.
Finding 2023-001
Federal agency: U.S. Department of Housing and Urban Development Federal program title: Operating Assistance for Troubled Multifamily Housing Projects Assistance Listing Number: 14.164 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: HUD requires that the Organization maintain a Fidelity Bond that is equal to or exceeds two months of gross potential receipts. Condition: Two months of gross potential receipts was in excess of the Fidelity Bond maintained by the Organization. Questioned costs: None Context: The Organization did not maintain a fidelity bond in excess of two months of gross potential collections. The required coverage was $616,781 or more, but the actual coverage was $500,000. Cause: The Organization did not increase their insurance coverage for increases in revenue and other receipts. Effect: The Organization does not have the required coverage determined by HUD and exposes themselves to potential liability. Repeat Finding: No Recommendation: We recommend that the Organization increase their Fidelity Bond insurance coverage. Views of responsible officials: There is no disagreement with the audit finding. Effective February 5, 2024, the Organization had increased their Fidelity Bond coverage for the 2024 fiscal year.