FAC Explorer

Audit 320161

FY End
2023-12-31
Total Expended
$1.10M
Findings
4
Programs
2
Organization: Granby Homes for Senior Citizens, Inc. (CT)
Year: 2023 Accepted: 2024-09-20
Auditor: Hoyt Filippetti & Malaghan LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
497414 2023-001 - Yes P
497415 2023-002 - Yes P
1073856 2023-001 - Yes P
1073857 2023-002 - Yes P

Programs

ALN Program Spent Major Findings
10.427 Rural Rental Assistance Payments $179,301 - 0
10.415 Rural Rental Housing Loans $72,012 Yes 0

Contacts

Name Title Type
ZVKTLVCK2HE7 Johanne L'italien Auditee
8603985425 Paul Filippetti Auditor
No contacts on file

Notes to SEFA

Title: NOTE A - ACCOUNTING BASIS Accounting Policies: The accounting policies of Granby Homes for Senior Citizens Inc. d/b/a Stony Hill Village conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: Granby Homes for Senior Citizens Inc. d/b/a Stony Hill Village has not elected to use the 10% de Minimis indirect cost rate. BASIC FINANCIAL STATEMENTS The accounting policies of Granby Homes for Senior Citizens Inc. d/b/a Stony Hill Village conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
Title: NOTE A - ACCOUNTING BASIS Accounting Policies: The accounting policies of Granby Homes for Senior Citizens Inc. d/b/a Stony Hill Village conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: Granby Homes for Senior Citizens Inc. d/b/a Stony Hill Village has not elected to use the 10% de Minimis indirect cost rate. SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards 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 (Uniform Guidance). For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period. Granby Homes for Senior Citizens Inc. d/b/a Stony Hill Village has not elected to use the 10% de Minimis indirect cost rate. The December 31, 2023 ending balances of the U.S. Department of Agriculture loans included on the accompanying schedule of expenditures of federal awards was $815,602.

Finding Details

Finding 2023-001
OTHER MATTERS 2023-001 SECURITY DEPOSITS Grantor: U.S. Department of Agriculture Award Name: Rural Rental Housing Loans Award Year: 2023 Award Numbers: Various CFDA Number: 10.415 Criteria: Tenant security deposit accounts must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for tenant security deposits, it was not fully funded. Cause: Tenant security deposits subledger is not reconciled with tenant security deposits bank account to ensure account is fully funded. Effect: Tenant security deposits bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the tenant security deposits bank account is fully funded. Management’s Views and Corrective Action Plan: Management has subsequently corrected this and transferred tenant funds received for their security deposit from the operating bank account to the tenant security deposits bank account to ensure it is fully funded.
Finding 2023-002
2023-002 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserves, it was not fully funded. Cause: Yearly budgeted transfers were not made to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management’s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.
Finding 2023-001
OTHER MATTERS 2023-001 SECURITY DEPOSITS Grantor: U.S. Department of Agriculture Award Name: Rural Rental Housing Loans Award Year: 2023 Award Numbers: Various CFDA Number: 10.415 Criteria: Tenant security deposit accounts must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for tenant security deposits, it was not fully funded. Cause: Tenant security deposits subledger is not reconciled with tenant security deposits bank account to ensure account is fully funded. Effect: Tenant security deposits bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the tenant security deposits bank account is fully funded. Management’s Views and Corrective Action Plan: Management has subsequently corrected this and transferred tenant funds received for their security deposit from the operating bank account to the tenant security deposits bank account to ensure it is fully funded.
Finding 2023-002
2023-002 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserves, it was not fully funded. Cause: Yearly budgeted transfers were not made to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management’s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.