FAC Explorer

Audit 319958

FY End
2023-12-31
Total Expended
$1.34M
Findings
4
Programs
1
Organization: Meridian Place Development Corporation (OH)
Year: 2023 Accepted: 2024-09-18
Auditor: Packer Thomas

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
497305 2023-001 Significant Deficiency - E
497306 2023-001 Significant Deficiency - E
1073747 2023-001 Significant Deficiency - E
1073748 2023-001 Significant Deficiency - E

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $102,574 Yes 1

Contacts

Name Title Type
FM6PGZS7HU46 Darla Gallagher Auditee
3302598632 Richard Schafer Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION Accounting Policies: ACCOUNTING METHOD - 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: MERIDIAN PLACE DEVELOPMENT CORPORATION, HUD PROJECT NO: 042-HD026, HAS ELECTED NOT TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE. THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE "SCHEDULE") INCLUDES THE FEDERAL GRANT ACTIVITY OF MERIDIAN PLACE DEVELOPMENT CORPORATION , HUD PROJECT NO: 042-HD026, UNDER THE PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE ENDED DECEMBER 31, 2023. 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 REQUIEMENTS COST PRINCIPLES AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE). BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF MERIDIAN PLACE DEVELOPMENT CORPORATION, HUD PROJECT NO: 042-HD026 IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS AND CASH FLOWS OF MERIDIAN PLACE DEVELOPMENT CORPORATION, HUD PROJECT NO: 042-HD026.
Title: SECTION 811 CAPITAL ADVANCE LOAN - FEDERAL ASSISTANCE LISTING 14.181 Accounting Policies: ACCOUNTING METHOD - 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: MERIDIAN PLACE DEVELOPMENT CORPORATION, HUD PROJECT NO: 042-HD026, HAS ELECTED NOT TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE. THE AMOUNT OF $1,237,500 SHOWN ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS REPRESENTS THE CAPITAL ADVANCE FROM HUD OUTSTANDING AT THE BEGINNING OF THE YEAR. THERE WERE NO LOANS OR CAPITAL ADVANCES MADE DURING THE YEAR. THE BALANCE OF THE LOANS OUTSTANDING AT DECEMBER 31, 2023 AMOUNTED TO $1,237,500.

Finding Details

Finding 2023-001
2023-001 - COMPLIANCE REQUIREMENT ELIGIBILITY: STATEMENT OF CRITERIA: THE SECTION 811 PROJECT RENTAL ASSISTANCE PROGRAM (PRAC), INDICATES THAT TENTANTS MUST HAVE VERY LOW-INCOME AND AT LEAST ONE ADULT MEMBER OF THE HOUSEHOLD MUST HAVE A DISABILITY. STATEMENT OF CONDITION: DURING THE YEAR, A TENANT WAS ADMITTED TO THE PROPERTY THAT DID NOT MEET THE "VERY LOW-INCOME" LEVEL. STATEMENT OF CAUSE: STAFF INCORRECTLY BELIEVED THAT THE PROJECT WAS SUBJECT TO "LOW-INCOME" LEVEL INSTEAD OF "VERY LOW-INCOME" LEVEL. STATEMENT OF EFFECT: THE PROJECT IS IN VIOLATION OF 24 CFR 891.305 AND HUD COULD IMPOSE CORRECTIVE ACTION. RECOMMENDATION: MANAGEMENT OF THE PROJECT SHOULD UPDATE THEIR UNDERSTANDING OF INCOME LEVELS ALLOWED AND IMPLEMENT A CONTROL TO HAVE OVERSIGHT ON NEW TENANT QUALIFICATIONS. MANAGEMENT RESPONSE: SEE CORRECTIVE ACTION PLAN FOR MANAGEMENT'S REPONSE.
Finding 2023-001
2023-001 - COMPLIANCE REQUIREMENT ELIGIBILITY: STATEMENT OF CRITERIA: THE SECTION 811 PROJECT RENTAL ASSISTANCE PROGRAM (PRAC), INDICATES THAT TENTANTS MUST HAVE VERY LOW-INCOME AND AT LEAST ONE ADULT MEMBER OF THE HOUSEHOLD MUST HAVE A DISABILITY. STATEMENT OF CONDITION: DURING THE YEAR, A TENANT WAS ADMITTED TO THE PROPERTY THAT DID NOT MEET THE "VERY LOW-INCOME" LEVEL. STATEMENT OF CAUSE: STAFF INCORRECTLY BELIEVED THAT THE PROJECT WAS SUBJECT TO "LOW-INCOME" LEVEL INSTEAD OF "VERY LOW-INCOME" LEVEL. STATEMENT OF EFFECT: THE PROJECT IS IN VIOLATION OF 24 CFR 891.305 AND HUD COULD IMPOSE CORRECTIVE ACTION. RECOMMENDATION: MANAGEMENT OF THE PROJECT SHOULD UPDATE THEIR UNDERSTANDING OF INCOME LEVELS ALLOWED AND IMPLEMENT A CONTROL TO HAVE OVERSIGHT ON NEW TENANT QUALIFICATIONS. MANAGEMENT RESPONSE: SEE CORRECTIVE ACTION PLAN FOR MANAGEMENT'S REPONSE.
Finding 2023-001
2023-001 - COMPLIANCE REQUIREMENT ELIGIBILITY: STATEMENT OF CRITERIA: THE SECTION 811 PROJECT RENTAL ASSISTANCE PROGRAM (PRAC), INDICATES THAT TENTANTS MUST HAVE VERY LOW-INCOME AND AT LEAST ONE ADULT MEMBER OF THE HOUSEHOLD MUST HAVE A DISABILITY. STATEMENT OF CONDITION: DURING THE YEAR, A TENANT WAS ADMITTED TO THE PROPERTY THAT DID NOT MEET THE "VERY LOW-INCOME" LEVEL. STATEMENT OF CAUSE: STAFF INCORRECTLY BELIEVED THAT THE PROJECT WAS SUBJECT TO "LOW-INCOME" LEVEL INSTEAD OF "VERY LOW-INCOME" LEVEL. STATEMENT OF EFFECT: THE PROJECT IS IN VIOLATION OF 24 CFR 891.305 AND HUD COULD IMPOSE CORRECTIVE ACTION. RECOMMENDATION: MANAGEMENT OF THE PROJECT SHOULD UPDATE THEIR UNDERSTANDING OF INCOME LEVELS ALLOWED AND IMPLEMENT A CONTROL TO HAVE OVERSIGHT ON NEW TENANT QUALIFICATIONS. MANAGEMENT RESPONSE: SEE CORRECTIVE ACTION PLAN FOR MANAGEMENT'S REPONSE.
Finding 2023-001
2023-001 - COMPLIANCE REQUIREMENT ELIGIBILITY: STATEMENT OF CRITERIA: THE SECTION 811 PROJECT RENTAL ASSISTANCE PROGRAM (PRAC), INDICATES THAT TENTANTS MUST HAVE VERY LOW-INCOME AND AT LEAST ONE ADULT MEMBER OF THE HOUSEHOLD MUST HAVE A DISABILITY. STATEMENT OF CONDITION: DURING THE YEAR, A TENANT WAS ADMITTED TO THE PROPERTY THAT DID NOT MEET THE "VERY LOW-INCOME" LEVEL. STATEMENT OF CAUSE: STAFF INCORRECTLY BELIEVED THAT THE PROJECT WAS SUBJECT TO "LOW-INCOME" LEVEL INSTEAD OF "VERY LOW-INCOME" LEVEL. STATEMENT OF EFFECT: THE PROJECT IS IN VIOLATION OF 24 CFR 891.305 AND HUD COULD IMPOSE CORRECTIVE ACTION. RECOMMENDATION: MANAGEMENT OF THE PROJECT SHOULD UPDATE THEIR UNDERSTANDING OF INCOME LEVELS ALLOWED AND IMPLEMENT A CONTROL TO HAVE OVERSIGHT ON NEW TENANT QUALIFICATIONS. MANAGEMENT RESPONSE: SEE CORRECTIVE ACTION PLAN FOR MANAGEMENT'S REPONSE.