FAC Explorer

Audit 310292

FY End
2023-12-31
Total Expended
$1.57M
Findings
2
Programs
2
Organization: Winslow Village INC (MA)
Year: 2023 Accepted: 2024-06-27
Auditor: Marcum LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
403156 2023-002 Material Weakness - E
979598 2023-002 Material Weakness - E

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.13M Yes 1
14.195 Section 8 Housing Assistance Payments Program $447,413 - 0

Contacts

Name Title Type
N28KUFHGKVZ9 Marianne Correia Auditee
7818375998 Michael Guyder 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. 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 reportred represent amounts earned. De Minimis Rate Used: N Rate Explanation: Winslow Village, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Winslow Village, Inc., 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 the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Winslow Village, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Winslow Village, Inc.
Title: Loan and Loan Guarantee Programs 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 reportred represent amounts earned. De Minimis Rate Used: N Rate Explanation: Winslow Village, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Organization has a mortgage payable insured by the Department of Housing and Urban Development (HUD) in the original amount of $1,291,500 under the Section 223 (f) of the National Housing Act. The balance of the HUD insured mortgage payable at the beginning of the year is included in the Schedule of Expenditures of Federal Awards. The loan balance as of December 31, 2023 is $1,102,534.

Finding Details

Finding 2023-002
Criteria Tenant lease files are required to be maintained and tenant eligibility determined in accordance with the regulatory agreement. Condition During the performance of our audit, we noted that 2 out of 6 tenants tests did not have annual re-certification and income verifications performed. Cause Management’s polices and procedures with respect to the determination of eligibility and maintenance of lease files in accordance with the regulatory agreement were not consistently followed. Effect Failure to determine eligibility and maintaining tenant lease files could result in units being rented to ineligible tenants. Prior Year Finding None noted. Recommendation Management should establish procedures and monitor compliance with those procedures to ensure that tenant eligibility is correctly determined and that lease files are properly maintained in accordance with the regulatory agreement.
Finding 2023-002
Criteria Tenant lease files are required to be maintained and tenant eligibility determined in accordance with the regulatory agreement. Condition During the performance of our audit, we noted that 2 out of 6 tenants tests did not have annual re-certification and income verifications performed. Cause Management’s polices and procedures with respect to the determination of eligibility and maintenance of lease files in accordance with the regulatory agreement were not consistently followed. Effect Failure to determine eligibility and maintaining tenant lease files could result in units being rented to ineligible tenants. Prior Year Finding None noted. Recommendation Management should establish procedures and monitor compliance with those procedures to ensure that tenant eligibility is correctly determined and that lease files are properly maintained in accordance with the regulatory agreement.