FAC Explorer

Audit 305623

FY End
2023-12-31
Total Expended
$2.55M
Findings
6
Programs
2
Organization: Wesley Village INC (OH)
Year: 2023 Accepted: 2024-05-07
Auditor: Hw&co

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
396023 2023-003 - - N
396024 2023-003 - - N
396025 2023-003 - - N
972465 2023-003 - - N
972466 2023-003 - - N
972467 2023-003 - - N

Programs

ALN Program Spent Major Findings
10.427 Rural Rental Assistance Payments $182,117 Yes 1
10.415 Rural Rental Housing Loans $85,882 Yes 1

Contacts

Name Title Type
EL95JA4LJG39 Chris Widman Auditee
4194351124 Russell E Majkrzak 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: N Rate Explanation: Wesley Village, Inc. has elected not to use the 10 percent de minimus cost rate as allowed under Uniform Guidance. The accompanying schedule of expenditures of Federal awards (Schedule) includes the federal award activity of Wesley Village, 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 Wesley Village, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wesley Village, Inc.
Title: Loan/loan guarantee outstanding balances 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: N Rate Explanation: Wesley Village, Inc. has elected not to use the 10 percent de minimus cost rate as allowed under Uniform Guidance. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 2267027.

Finding Details

Finding 2023-003
Condition: The replacement reserve account was not funded in accordance with the USDA required deposits during the year. Criteria: A good system of internal control requires proper controls in place to ensure the proper and timely monthly deposits are made for the replacement reserve account. Cause: Management made the monthly deposits to the replacement reserve during the year; however, the monthly deposits were lower than the required deposit amounts. Effect of Potential Effect: The replacement reserve account was underfunded by $7,317 as of December 31, 2023. Recommendation: We recommend that the underfunded amount be deposited into the replacement reserve account and that controls are implemented to ensure the proper and timely deposits are made for the replacement reserve account. View of Responsible Officials and Planned Corrective Action: Management agreed with the recommendation and made the deposit of $7,317 subsequent to year end in April 2024.
Finding 2023-003
Condition: The replacement reserve account was not funded in accordance with the USDA required deposits during the year. Criteria: A good system of internal control requires proper controls in place to ensure the proper and timely monthly deposits are made for the replacement reserve account. Cause: Management made the monthly deposits to the replacement reserve during the year; however, the monthly deposits were lower than the required deposit amounts. Effect of Potential Effect: The replacement reserve account was underfunded by $7,317 as of December 31, 2023. Recommendation: We recommend that the underfunded amount be deposited into the replacement reserve account and that controls are implemented to ensure the proper and timely deposits are made for the replacement reserve account. View of Responsible Officials and Planned Corrective Action: Management agreed with the recommendation and made the deposit of $7,317 subsequent to year end in April 2024.
Finding 2023-003
Condition: The replacement reserve account was not funded in accordance with the USDA required deposits during the year. Criteria: A good system of internal control requires proper controls in place to ensure the proper and timely monthly deposits are made for the replacement reserve account. Cause: Management made the monthly deposits to the replacement reserve during the year; however, the monthly deposits were lower than the required deposit amounts. Effect of Potential Effect: The replacement reserve account was underfunded by $7,317 as of December 31, 2023. Recommendation: We recommend that the underfunded amount be deposited into the replacement reserve account and that controls are implemented to ensure the proper and timely deposits are made for the replacement reserve account. View of Responsible Officials and Planned Corrective Action: Management agreed with the recommendation and made the deposit of $7,317 subsequent to year end in April 2024.
Finding 2023-003
Condition: The replacement reserve account was not funded in accordance with the USDA required deposits during the year. Criteria: A good system of internal control requires proper controls in place to ensure the proper and timely monthly deposits are made for the replacement reserve account. Cause: Management made the monthly deposits to the replacement reserve during the year; however, the monthly deposits were lower than the required deposit amounts. Effect of Potential Effect: The replacement reserve account was underfunded by $7,317 as of December 31, 2023. Recommendation: We recommend that the underfunded amount be deposited into the replacement reserve account and that controls are implemented to ensure the proper and timely deposits are made for the replacement reserve account. View of Responsible Officials and Planned Corrective Action: Management agreed with the recommendation and made the deposit of $7,317 subsequent to year end in April 2024.
Finding 2023-003
Condition: The replacement reserve account was not funded in accordance with the USDA required deposits during the year. Criteria: A good system of internal control requires proper controls in place to ensure the proper and timely monthly deposits are made for the replacement reserve account. Cause: Management made the monthly deposits to the replacement reserve during the year; however, the monthly deposits were lower than the required deposit amounts. Effect of Potential Effect: The replacement reserve account was underfunded by $7,317 as of December 31, 2023. Recommendation: We recommend that the underfunded amount be deposited into the replacement reserve account and that controls are implemented to ensure the proper and timely deposits are made for the replacement reserve account. View of Responsible Officials and Planned Corrective Action: Management agreed with the recommendation and made the deposit of $7,317 subsequent to year end in April 2024.
Finding 2023-003
Condition: The replacement reserve account was not funded in accordance with the USDA required deposits during the year. Criteria: A good system of internal control requires proper controls in place to ensure the proper and timely monthly deposits are made for the replacement reserve account. Cause: Management made the monthly deposits to the replacement reserve during the year; however, the monthly deposits were lower than the required deposit amounts. Effect of Potential Effect: The replacement reserve account was underfunded by $7,317 as of December 31, 2023. Recommendation: We recommend that the underfunded amount be deposited into the replacement reserve account and that controls are implemented to ensure the proper and timely deposits are made for the replacement reserve account. View of Responsible Officials and Planned Corrective Action: Management agreed with the recommendation and made the deposit of $7,317 subsequent to year end in April 2024.