FAC Explorer

Audit 311942

FY End
2022-06-30
Total Expended
$1.44M
Findings
4
Programs
2
Organization: Rodsewood Housing Corporation (MO)
Year: 2022 Accepted: 2023-08-30
Auditor: Ralph C Johnson& CO PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
409799 2022-001 - - C
409800 2022-001 - - C
986241 2022-001 - - C
986242 2022-001 - - C

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $1.38M Yes 2
14.195 Section 8 Housing Assistance Payments Program $60,084 - 0

Contacts

Name Title Type
HHCXLD3KECK3 Fred Gibbs Auditee
8168414898 Ralph C Johnson Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS PRESENTATIONThe above schedule of expenditures of federal awards includes the federal activity of Rosewood Housing, HUD Project No. 084-HD040, 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 Regulations Part 200, Uniform Administrative Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of the basic financial statements.NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the Schedule of Expenditures of Federal Awards are reported based upon generally accepted accounting principles of the United States of America.NOTE C - SUB-RECIPIENTSThere were no sub-recipients of Rosewood Housing Corporation.NOTE D - INDIRECT COST RATERosewood Housing Corporation 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: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 1377900.

Finding Details

Finding 2022-001
Finding 2022-001- Replacement Reserve DepositsCondition Found The Project only made 11 months of deposits for a total of $5,760. The deposits should have totaled $6,240.Criteria: According to HUD?s guidelines, a Project must make monthly deposits to the reserve for replacement account.Cause: Project management did not make the required monthly deposit, causing a shortage in the reserve for replacement account for the year ending June 30, 2022.Effect The Project held excess cash and did not make the required deposit.Recommendation: The overall reserve shortage of $480 should be funded as soon as possible.Current Status Management will fund the reserves as soon as funds are available.
Finding 2022-001
Finding 2022-001- Replacement Reserve DepositsCondition Found The Project only made 11 months of deposits for a total of $5,760. The deposits should have totaled $6,240.Criteria: According to HUD?s guidelines, a Project must make monthly deposits to the reserve for replacement account.Cause: Project management did not make the required monthly deposit, causing a shortage in the reserve for replacement account for the year ending June 30, 2022.Effect The Project held excess cash and did not make the required deposit.Recommendation: The overall reserve shortage of $480 should be funded as soon as possible.Current Status Management will fund the reserves as soon as funds are available.
Finding 2022-001
Finding 2022-001- Replacement Reserve DepositsCondition Found The Project only made 11 months of deposits for a total of $5,760. The deposits should have totaled $6,240.Criteria: According to HUD?s guidelines, a Project must make monthly deposits to the reserve for replacement account.Cause: Project management did not make the required monthly deposit, causing a shortage in the reserve for replacement account for the year ending June 30, 2022.Effect The Project held excess cash and did not make the required deposit.Recommendation: The overall reserve shortage of $480 should be funded as soon as possible.Current Status Management will fund the reserves as soon as funds are available.
Finding 2022-001
Finding 2022-001- Replacement Reserve DepositsCondition Found The Project only made 11 months of deposits for a total of $5,760. The deposits should have totaled $6,240.Criteria: According to HUD?s guidelines, a Project must make monthly deposits to the reserve for replacement account.Cause: Project management did not make the required monthly deposit, causing a shortage in the reserve for replacement account for the year ending June 30, 2022.Effect The Project held excess cash and did not make the required deposit.Recommendation: The overall reserve shortage of $480 should be funded as soon as possible.Current Status Management will fund the reserves as soon as funds are available.