FAC Explorer

Audit 31105

FY End
2022-06-30
Total Expended
$5.28M
Findings
2
Programs
2
Organization: Asi Woodlands Senior Housing, Inc. (MN)
Year: 2022 Accepted: 2023-02-28
Auditor: Hinrichs & Associates LTD

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
34562 2022-001 - - N
611004 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Section 202 Capital Advance $5.14M Yes 1
14.157 Prac Assistance $141,398 Yes 0

Contacts

Name Title Type
EVN3EM5HJYK5 Chuck Reuter Auditee
6516457271 Bob Baker Auditor
No contacts on file

Notes to SEFA

Accounting Policies: NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. ASI Woodlands Senior Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
ASI WOODLANDS SENIOR HOUSING, INC. HUD PROJECT NO. 114-EE106 SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED) YEAR ENDED JUNE 30, 2022 C. Findings and Questioned Costs - Major Federal Award Programs Audit Questioned Costs DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2022-001: SECTION 202, ASSISTANCE LISTING NUMBER 14.157 Condition: The Project's security deposit liability account was underfunded at June 30, 2022. Criteria: The Project should have a security deposit cash balance in excess of the security deposit liability balance. Effect: The security deposit account was underfunded by $296. Context: The security deposit account was tested at June 30, 2022. No sample was tested. Questioned costs NONE Cause: Management failed to recognize that the security deposit liability account was underfunded at June 30, 2022. Recommendation: The Project should carefully review the statement of financial position to make sure the security deposit liability account is funded. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will be reminded to review the tenant security deposit cash balance versus the security deposit liability balance on a monthly basis. Questioned Costs - Department of Housing and Urban Development $- Non-compliance code - M
Finding 2022-001
ASI WOODLANDS SENIOR HOUSING, INC. HUD PROJECT NO. 114-EE106 SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED) YEAR ENDED JUNE 30, 2022 C. Findings and Questioned Costs - Major Federal Award Programs Audit Questioned Costs DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2022-001: SECTION 202, ASSISTANCE LISTING NUMBER 14.157 Condition: The Project's security deposit liability account was underfunded at June 30, 2022. Criteria: The Project should have a security deposit cash balance in excess of the security deposit liability balance. Effect: The security deposit account was underfunded by $296. Context: The security deposit account was tested at June 30, 2022. No sample was tested. Questioned costs NONE Cause: Management failed to recognize that the security deposit liability account was underfunded at June 30, 2022. Recommendation: The Project should carefully review the statement of financial position to make sure the security deposit liability account is funded. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will be reminded to review the tenant security deposit cash balance versus the security deposit liability balance on a monthly basis. Questioned Costs - Department of Housing and Urban Development $- Non-compliance code - M