Audit 311391

FY End

2023-09-30

Total Expended

$3.50M

Findings

4

Programs

2

Organization: Geer Village, A Housing & Development CO - Bhe (CT)

Year: 2023 Accepted: 2024-07-01

Auditor: Bailey Moore Glazer Schaeffer & Proto LLP

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
405721	2023-001	-	-	N
405722	2023-002	-	-	N
982163	2023-001	-	-	N
982164	2023-002	-	-	N

ALN	Program	Spent	Major	Findings
14.239	Home Investment Partnerships Program	$956,018	-	0
14.157	Supportive Housing for the Elderly	$162,367	Yes	0

Contacts

Name	Title	Type
MSNXCKAKM1F7	Sabine Cox	Auditee
2032304809	Brian S Borgerson CPA	Auditor
No contacts on file

Notes to SEFA

Title: Note A — Basis of Presentation: Accounting Policies: 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. Geer Village, A Housing and Development Company has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: they do not use indrect costs The accompanying schedule of expenditures of federal awards includes the federal grant activity of Geer Village, A Housing and Development Company and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulatons Part 200, of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The schedule presents only a selected portion of the operations of Geer Village, A Housing and Development Company. It is not intended to, and does not present, the financial position, changes in net assets or cash flows of Geer Village, A Housing and Development Company.

Title: Note C — U.S. Department of Housing and Urban Development Loan Program: Accounting Policies: 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. Geer Village, A Housing and Development Company has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: they do not use indrect costs Geer Village, A Housing and Development Company has received a U.S. Department of Housing and Urban Development Section 202 Capital Advance. The balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Geer Village, A Housing and Development Company received no additional loans during the year. The balance of the loan outstanding at September 30, 2023, consists of: Program Name AL# Section 202 Capital Advance 14.157 $ 2,380,900 HOME Investment Partnerships Program 14.239 $ 956,018

Finding Details

Finding 2023-001

Finding number2023-001 CFDA Number:14.157 - Supportive Housing for the Elderly Grantor: HUD Questioned Costs: $0 Description of Condition: Withdrawals from the replacement reserve account must be expended within a timely manner after removal from the reserve account. Funds totaling $3,029 were approved and withdrawn for invoices previously approved and withdrawn on prior requests. Cause of the Condition: Care was not taken when preparing the reserve request to determine amounts requested were not already used on prior requests. Effect of the Condition: Funds withdrawn from the replacement reserve may have been used for other purposes. Recommendations: When preparing reserve requests management should match invoices to the request and make sure invoices have not been used for previous requests. In addition, invoices not already paid, should be timely paid after the withdrawal is made.

Finding 2023-002

Finding number2023-002 CFDA Number:14.157 - Supportive Housing for the Elderly Grantor: HUD Questioned Costs: $0 Description of Condition: Monthly deposits to the replacement reserve are set by HUD at $2,917. The Project only made eleven of the required twelve monthly deposits. Cause of the Condition: The Project typically does not start making deposits until the annual budget is approved by HUD. Care was not taken to make sure the early deposits were caught up. Effect of the Condition: The replacement reserve was not properly funded by $2,917. Recommendations: Periodically throughout the year management should perform a proof of the account to make sure it is correct.

Finding 2023-001

Finding number2023-001 CFDA Number:14.157 - Supportive Housing for the Elderly Grantor: HUD Questioned Costs: $0 Description of Condition: Withdrawals from the replacement reserve account must be expended within a timely manner after removal from the reserve account. Funds totaling $3,029 were approved and withdrawn for invoices previously approved and withdrawn on prior requests. Cause of the Condition: Care was not taken when preparing the reserve request to determine amounts requested were not already used on prior requests. Effect of the Condition: Funds withdrawn from the replacement reserve may have been used for other purposes. Recommendations: When preparing reserve requests management should match invoices to the request and make sure invoices have not been used for previous requests. In addition, invoices not already paid, should be timely paid after the withdrawal is made.

Finding 2023-002

Finding number2023-002 CFDA Number:14.157 - Supportive Housing for the Elderly Grantor: HUD Questioned Costs: $0 Description of Condition: Monthly deposits to the replacement reserve are set by HUD at $2,917. The Project only made eleven of the required twelve monthly deposits. Cause of the Condition: The Project typically does not start making deposits until the annual budget is approved by HUD. Care was not taken to make sure the early deposits were caught up. Effect of the Condition: The replacement reserve was not properly funded by $2,917. Recommendations: Periodically throughout the year management should perform a proof of the account to make sure it is correct.