FAC Explorer

Audit 32076

FY End
2022-12-31
Total Expended
$2.50M
Findings
2
Programs
3
Organization: Marywood, INC 051-11178-Np (formerly 051-Eh053-Wah/l8) (VA)
Year: 2022 Accepted: 2023-05-24
Auditor: Brown Edwards

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
34290 2022-001 - - N
610732 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.62M Yes 1
14.191 Multifamily Housing Service Coordinators $41,430 - 0
14.195 Section 8 Housing Assistance Payments Program $967 - 0

Contacts

Name Title Type
GMTLNC4BJM49 Kathryn Overacker Auditee
5405634565 John Aldridge Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The scedule of expenditures of federal awards was prepared 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1384577.

Finding Details

Finding 2022-001
Section 223(f) HUD Insured Mortgage - CFDA 14.155 (Special Tests and Provisions) Conditions and Criteria: Two tenants tested moved out on February 7, 2022 and July 30, 2022 and the security deposit refund was issued on March 15, 2022 and October 3, 2022, respectively. Effect: The tenants did not receive their security deposit within 30 days of move-out. Cause: This occurred due to an oversight by management at the property level. Auditor?s Recommendation: While the refund was given, we do however, recommend that security deposit refunds be 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 2022-001
Section 223(f) HUD Insured Mortgage - CFDA 14.155 (Special Tests and Provisions) Conditions and Criteria: Two tenants tested moved out on February 7, 2022 and July 30, 2022 and the security deposit refund was issued on March 15, 2022 and October 3, 2022, respectively. Effect: The tenants did not receive their security deposit within 30 days of move-out. Cause: This occurred due to an oversight by management at the property level. Auditor?s Recommendation: While the refund was given, we do however, recommend that security deposit refunds be 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.