FAC Explorer

Audit 310415

FY End
2023-12-31
Total Expended
$965,891
Findings
2
Programs
8
Organization: West Elmwood Housing Development CORP (RI)
Year: 2023 Accepted: 2024-06-27
Auditor: D'ambra CPA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
403250 2023-003 - - L
979692 2023-003 - - L

Programs

ALN Program Spent Major Findings
21.000 Corporation for National and Community Service $212,249 - 0
10.557 Special Supplemental Nutrition Program for Women, Infants, and Children $201,080 Yes 0
14.239 Home Investment Partnerships Program $187,900 Yes 1
93.945 Assistance Programs for Chronic Disease Prevention and Control $170,636 - 0
93.991 Preventive Health and Health Services Block Grant $126,822 - 0
93.434 Every Student Succeeds Act/preschool Development Grants $36,396 - 0
14.169 Housing Counseling Assistance Program $29,000 - 0
93.391 Activities to Support State, Tribal, Local and Territorial (stlt) Health Department Response to Public Health Or Healthcare Crises $1,808 - 0

Contacts

Name Title Type
TJRBBLQNXFG8 Leslie Chazan Auditee
4014533220 Craig S Dambra Auditor
No contacts on file

Notes to SEFA

Title: 1 Accounting Policies: SEE ATTACHED De Minimis Rate Used: Both Rate Explanation: THE 10% WAS USED WHEN PROVIDED BY GRANTOR, OTHERWISE IT IS NOT USED. The schedule of expenditures of federal awards includes the federal award activity of the Corporation. 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: 2 Accounting Policies: SEE ATTACHED De Minimis Rate Used: Both Rate Explanation: THE 10% WAS USED WHEN PROVIDED BY GRANTOR, OTHERWISE IT IS NOT USED. 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. The Corporation has elected not to use the 10 percent de-minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3 Accounting Policies: SEE ATTACHED De Minimis Rate Used: Both Rate Explanation: THE 10% WAS USED WHEN PROVIDED BY GRANTOR, OTHERWISE IT IS NOT USED. The Corporation received loans directly or indirectly from the U.S. Department of Housing and Urban Development which are included above. If there were no current year advances on the loan, the loan balance above reflects the beginning of the year balance. If there were advances on the under, the loan balance above reflects the highest balance during the year.
Title: 4 Accounting Policies: SEE ATTACHED De Minimis Rate Used: Both Rate Explanation: THE 10% WAS USED WHEN PROVIDED BY GRANTOR, OTHERWISE IT IS NOT USED. Certain grants, while fully expended, contain continuing compliance requirements and are thus included in the Schedule.

Finding Details

Finding 2023-003
Condition - Significant prior period adjustments were required to properly reflect the accounts and transactions as of the beginning of the year; Criteria - generally accepted accounting principles identifies the basic accounting practices that are required to be followed; Cause - neither the Organization’s staff nor the prior auditor had the requisite experience to identify and correct the accounting errors; Effect - prior period adjustments totaled $8,285,730; Recommendation - the Organization needed to hire a person with financial experience and/or engage the services of another independent party to review its financial statements for propriety; Response -the Organization experienced a significant turnover in staff during the year resulting in ineffectual cut-off procedures and a review of the prior year financial statements. Late in the year, the organization hired a controller to provide for significantly improved accounting procedures and applications as well as the ability to review the annual financial statements.
Finding 2023-003
Condition - Significant prior period adjustments were required to properly reflect the accounts and transactions as of the beginning of the year; Criteria - generally accepted accounting principles identifies the basic accounting practices that are required to be followed; Cause - neither the Organization’s staff nor the prior auditor had the requisite experience to identify and correct the accounting errors; Effect - prior period adjustments totaled $8,285,730; Recommendation - the Organization needed to hire a person with financial experience and/or engage the services of another independent party to review its financial statements for propriety; Response -the Organization experienced a significant turnover in staff during the year resulting in ineffectual cut-off procedures and a review of the prior year financial statements. Late in the year, the organization hired a controller to provide for significantly improved accounting procedures and applications as well as the ability to review the annual financial statements.