FAC Explorer

Audit 307992

FY End
2023-03-31
Total Expended
$3.79M
Findings
2
Programs
3
Organization: Milford Redevelopment and Housing Partnership (CT)
Year: 2023 Accepted: 2024-06-04
Auditor: Maletta & Company CPAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
399876 2023-002 - - L
976318 2023-002 - - L

Programs

ALN Program Spent Major Findings
14.871 Section 8 Housing Choice Vouchers $2.37M - 0
14.850 Public and Indian Housing $1.03M Yes 1
14.872 Capital Fund Program $385,176 - 0

Contacts

Name Title Type
HK4AA5TUK5M6 Anthony Vasiliou Auditee
2038773223 Jason Geel Auditor
No contacts on file

Notes to SEFA

Title: NOTE C – PROGRAM COST Accounting Policies: SUMMARY OF SIGNIFICAN ACCOUNTING POLICIES The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Authority under programs of the federal government for the year ended March 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 Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, change in net positions, or cash flows of the Authority. (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance The amounts presented as federal expenditures represent only the federal portion of the actual program costs. Actual program costs, including the Authority’s portion, may be more than is shown on the schedule.

Finding Details

Finding 2023-002
Statement of Condition Certain general ledger accounts were not reconciled in a timely manner. In addition, the unaudited and audited Financial Data Schedule (FDS) were not filed in time. Criteria The FDS is the Authority’s primary means of reporting annual financial and programmatic information and is the basis for meeting financial statement reporting requirements as well as reporting federal expenditures to HUD. Cause Significant employee turnover in key positions within the Authority. Effect or Potential Effect Financial items were misstated resulting in delays in the FDS submission and the overall audit completion. Recommendation We recommend the Authority reevaluate internal responsibilities over the periodic reconciliation and closeout of financial activity to assist in meeting reporting obligations. Management’s Response Management agrees with the finding, see Corrective Action Plan for plan of action.
Finding 2023-002
Statement of Condition Certain general ledger accounts were not reconciled in a timely manner. In addition, the unaudited and audited Financial Data Schedule (FDS) were not filed in time. Criteria The FDS is the Authority’s primary means of reporting annual financial and programmatic information and is the basis for meeting financial statement reporting requirements as well as reporting federal expenditures to HUD. Cause Significant employee turnover in key positions within the Authority. Effect or Potential Effect Financial items were misstated resulting in delays in the FDS submission and the overall audit completion. Recommendation We recommend the Authority reevaluate internal responsibilities over the periodic reconciliation and closeout of financial activity to assist in meeting reporting obligations. Management’s Response Management agrees with the finding, see Corrective Action Plan for plan of action.