FAC Explorer

Audit 319710

FY End
2024-05-31
Total Expended
$1.20M
Findings
2
Programs
3
Organization: Grandview Square Cooperative, Inc. (IN)
Year: 2024 Accepted: 2024-09-16
Auditor: Comer Nowling and Associates PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
496968 2024-001 - - P
1073410 2024-001 - - P

Programs

ALN Program Spent Major Findings
14.126 Mortgage Insurance_cooperative Projects $1.08M Yes 1
14.195 Section 8 Housing Assistance Payments Program $111,143 - 0
14.103 Interest Reduction Payments_rental and Cooperative Housing for Lower Income Families $10,524 - 0

Contacts

Name Title Type
VJCYT9DK9NZ7 Mark Kirkpatrick Auditee
3175704358 Gregory Nowling Auditor
No contacts on file

Notes to SEFA

Title: Summary of Significant Accounting Policies Accounting Policies: Reported on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: 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. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through identifying numbers are presented where available.

Finding Details

Finding 2024-001
The Cooperative did not obtain approval from HUD for withdrawals from the general operating reserve in excess of 20% of the prior year’s ending balance.
Finding 2024-001
The Cooperative did not obtain approval from HUD for withdrawals from the general operating reserve in excess of 20% of the prior year’s ending balance.