FAC Explorer

Audit 311203

FY End
2024-03-31
Total Expended
$1.01M
Findings
4
Programs
2
Organization: Prairie Estates (MO)
Year: 2024 Accepted: 2024-07-01
Auditor: Wipfli LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
404818 2024-001 - Yes N
404819 2024-001 - Yes N
981260 2024-001 - Yes N
981261 2024-001 - Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $208,077 Yes 1
14.191 Multifamily Housing Service Coordinators $36,013 - 0

Contacts

Name Title Type
V8JJZMKGCSE1 Aaron Franklin Auditee
6604762185 Karl Eck Auditor
No contacts on file

Notes to SEFA

Title: Direct Loan Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Prairie Estates under programs of the federal government for the year ended March 31, 2024. 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 Prairie Estates it is not intended to and does not present the financial position, changes in net assets, or cash flows of Prairie Estates. 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: Prairie Estates has not elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. This is a mortgage loan from the U.S. Department of Housing and Urban Development, and balances and transactions relating to the loan is included in Prairie Estates basic financial statements (see financial statement Note 6). The outstanding loan balance at March 31, 2024 was $676,741.
Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Prairie Estates under programs of the federal government for the year ended March 31, 2024. 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 Prairie Estates it is not intended to and does not present the financial position, changes in net assets, or cash flows of Prairie Estates. 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: Prairie Estates has not elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. Prairie Estates does not have any subrecipients or subrecipient expenditures as of March 31, 2024.

Finding Details

Finding 2024-001
2024-001 Replacement Reserve Deposits Federal Program Information: Funding agency: U.S. Department of Housing and Urban Development (HUD) Title: Supportive Housing for the Elderly AL number: 14.157 Award year and number: N/A Questioned Costs: None Condition: Prairie Estates did not make the required monthly deposit to the replacement reserve for several months of it's fiscal year. A large catch-up contribution was made in March 2024 to compensate for the missed contributions. Criteria: Pursuant to Paragraph 5 of the Regulatory Agreement, Prairie Estates shall establish and maintain a reserve fund and make required monthly deposits based on amounts approved by HUD. Effect: Prairie Estates is not in compliance with the terms of the Regulatory Agreement. Cause: Management did not make the required deposits in a timely manner due to the lack of cash available to make the deposits. Auditor's Recommendation: Management should seek to implement operational changes to allow for timely deposits of reserve funds. View of Responsible Officials: Management agrees with the assessment and has prepared a corrective action plan.
Finding 2024-001
2024-001 Replacement Reserve Deposits Federal Program Information: Funding agency: U.S. Department of Housing and Urban Development (HUD) Title: Supportive Housing for the Elderly AL number: 14.157 Award year and number: N/A Questioned Costs: None Condition: Prairie Estates did not make the required monthly deposit to the replacement reserve for several months of it's fiscal year. A large catch-up contribution was made in March 2024 to compensate for the missed contributions. Criteria: Pursuant to Paragraph 5 of the Regulatory Agreement, Prairie Estates shall establish and maintain a reserve fund and make required monthly deposits based on amounts approved by HUD. Effect: Prairie Estates is not in compliance with the terms of the Regulatory Agreement. Cause: Management did not make the required deposits in a timely manner due to the lack of cash available to make the deposits. Auditor's Recommendation: Management should seek to implement operational changes to allow for timely deposits of reserve funds. View of Responsible Officials: Management agrees with the assessment and has prepared a corrective action plan.
Finding 2024-001
2024-001 Replacement Reserve Deposits Federal Program Information: Funding agency: U.S. Department of Housing and Urban Development (HUD) Title: Supportive Housing for the Elderly AL number: 14.157 Award year and number: N/A Questioned Costs: None Condition: Prairie Estates did not make the required monthly deposit to the replacement reserve for several months of it's fiscal year. A large catch-up contribution was made in March 2024 to compensate for the missed contributions. Criteria: Pursuant to Paragraph 5 of the Regulatory Agreement, Prairie Estates shall establish and maintain a reserve fund and make required monthly deposits based on amounts approved by HUD. Effect: Prairie Estates is not in compliance with the terms of the Regulatory Agreement. Cause: Management did not make the required deposits in a timely manner due to the lack of cash available to make the deposits. Auditor's Recommendation: Management should seek to implement operational changes to allow for timely deposits of reserve funds. View of Responsible Officials: Management agrees with the assessment and has prepared a corrective action plan.
Finding 2024-001
2024-001 Replacement Reserve Deposits Federal Program Information: Funding agency: U.S. Department of Housing and Urban Development (HUD) Title: Supportive Housing for the Elderly AL number: 14.157 Award year and number: N/A Questioned Costs: None Condition: Prairie Estates did not make the required monthly deposit to the replacement reserve for several months of it's fiscal year. A large catch-up contribution was made in March 2024 to compensate for the missed contributions. Criteria: Pursuant to Paragraph 5 of the Regulatory Agreement, Prairie Estates shall establish and maintain a reserve fund and make required monthly deposits based on amounts approved by HUD. Effect: Prairie Estates is not in compliance with the terms of the Regulatory Agreement. Cause: Management did not make the required deposits in a timely manner due to the lack of cash available to make the deposits. Auditor's Recommendation: Management should seek to implement operational changes to allow for timely deposits of reserve funds. View of Responsible Officials: Management agrees with the assessment and has prepared a corrective action plan.