FAC Explorer

Audit 321756

FY End
2023-12-31
Total Expended
$21.07M
Findings
2
Programs
1
Organization: Regent at Maplewood, LLC Dba: the Seasons at Maplewood (MN)
Year: 2023 Accepted: 2024-09-27
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
498920 2023-001 Significant Deficiency - N
1075362 2023-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.129 Mortgage Insurance_nursing Homes, Intermediate Care Facilities, Board and Care Homes and Assisted Living Facilities $21.07M Yes 1

Contacts

Name Title Type
WUMNSNZVDZY8 Shelley Kendrick Auditee
6517664300 Chris Steinhoff Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Project under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Section 232 HUD-Insured Mortgage had an outstanding balance of $20,648,603 at December 31, 2023. De Minimis Rate Used: N Rate Explanation: The Project has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
Federal agency: U.S. Department of Housing and Urban Development Federal program title: Section 232 HUD-Insured Mortgage Listing Number: 14.129 Pass-Through Agency: N/A Pass-Through Number(s): N/A Award Period: N/A Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Management is required to maintain tenant security deposits in a separate bank account in an amount adequate to cover the security deposit liability. Condition: The security deposit bank account balance was not adequate to cover the security deposit liability. Questioned costs: None Context: The security deposit bank account had a balance of $128,682 at December 31, 2023 which was less than the related security deposit liability which was $140,765. Cause: The security deposit account was not adequately funded. Effect: The security deposit account is inadequate to cover the security deposit liability. Repeat Finding: N/A Recommendation: Recommend management fund the security deposit account in an amount that is adequate to cover the security deposit liability. Views of responsible officials: There is no disagreement with the audit finding. Management will fund the security deposit liability in an amount adequate to cover the security deposit liability.
Finding 2023-001
Federal agency: U.S. Department of Housing and Urban Development Federal program title: Section 232 HUD-Insured Mortgage Listing Number: 14.129 Pass-Through Agency: N/A Pass-Through Number(s): N/A Award Period: N/A Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Management is required to maintain tenant security deposits in a separate bank account in an amount adequate to cover the security deposit liability. Condition: The security deposit bank account balance was not adequate to cover the security deposit liability. Questioned costs: None Context: The security deposit bank account had a balance of $128,682 at December 31, 2023 which was less than the related security deposit liability which was $140,765. Cause: The security deposit account was not adequately funded. Effect: The security deposit account is inadequate to cover the security deposit liability. Repeat Finding: N/A Recommendation: Recommend management fund the security deposit account in an amount that is adequate to cover the security deposit liability. Views of responsible officials: There is no disagreement with the audit finding. Management will fund the security deposit liability in an amount adequate to cover the security deposit liability.