FAC Explorer

Audit 319754

FY End
2024-06-30
Total Expended
$3.43M
Findings
2
Programs
3
Organization: I.c. Corporation T/a Seton Manor (VA)
Year: 2024 Accepted: 2024-09-17
Auditor: Brown Edwards & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
496994 2024-001 - Yes N
1073436 2024-001 - Yes N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.64M Yes 1
14.195 Section 8 Housing Assistance Payments Program $728,762 - 0
14.191 Multifamily Housing Service Coordinators $54,681 - 0

Contacts

Name Title Type
ZCELXJEJLBP8 Kathryn Overacker Auditee
5405634565 John S. Aldridge Auditor
No contacts on file

Notes to SEFA

Title: Note B Accounting Policies: THE SCHEDULE WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THE SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 US CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS UNIFORM GUIDANCE De Minimis Rate Used: N Rate Explanation: The de minimis does not apply to program tested THE CORPORATION HAS RECEIVED A SECTION 223F HUD INSURED MORTGAGE. THE LOAN BALANCE OUTSTANDING AT THE BEGINNING OF THE YEAR WAS INCLUDED ON THE SCHEDULE OF EXPENDITURES. THE BALANCE AT THE END OF THE YEAR WAS 2,474,223. THE CORPORATION RECEIVED NO ADDITIONAL LOANS DURING THE YEAR

Finding Details

Finding 2024-001
Section 223(f) HUD Insured Mortgage – CFDA 14.155 (Special Tests and Provisions)Conditions and Criteria: Security deposits are required to be refunded within 30 days of tenant’s move-out date in the appropriate amount. For two items out of two tested, we noted that a tenant moved out and did not receive their security deposit refund timely. One tenant moved out December 19, 2023 and the refund was not issued until March 20, 2024. The second tenant moved out May 30, 2024, and their refund has not been issued as of the date of the audit report.Effect: The tenants did not receive their security deposit refund within 30 days of move-out.Cause: This occurred due to oversight at the property level.Auditors Recommendation: We recommend that security deposit refunds are given out timely and returned within 30 days of move-out.Management’s Response: Management has implemented steps to ensure that future security deposit refunds are made within the 30-day requirement.
Finding 2024-001
Section 223(f) HUD Insured Mortgage – CFDA 14.155 (Special Tests and Provisions)Conditions and Criteria: Security deposits are required to be refunded within 30 days of tenant’s move-out date in the appropriate amount. For two items out of two tested, we noted that a tenant moved out and did not receive their security deposit refund timely. One tenant moved out December 19, 2023 and the refund was not issued until March 20, 2024. The second tenant moved out May 30, 2024, and their refund has not been issued as of the date of the audit report.Effect: The tenants did not receive their security deposit refund within 30 days of move-out.Cause: This occurred due to oversight at the property level.Auditors Recommendation: We recommend that security deposit refunds are given out timely and returned within 30 days of move-out.Management’s Response: Management has implemented steps to ensure that future security deposit refunds are made within the 30-day requirement.