FAC Explorer

Audit 324715

FY End
2024-06-30
Total Expended
$2.79M
Findings
2
Programs
2
Organization: Miss Laura M. Raymond Homes, Inc. (CT)
Year: 2024 Accepted: 2024-10-15
Auditor: Seward and Monde

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
502696 2024-001 - - N
1079138 2024-001 - - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.00M - 0
14.195 Section 8 Housing Assistance Payments Program $792,299 Yes 1

Contacts

Name Title Type
HXC9E9MTFLB6 Sabine Cox Auditee
2032304809 Michele Loso Boisvert Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: 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: Miss Laura M. Raymond Homes, Inc. did not recover its indirect costs using the 10 percent de minimis indirect cost rate allowed under Section 200.414 of the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Miss Laura M. Raymond Homes, Inc., HUD Project No. 017-11088, under programs of the federal government for the fiscal year ended June 30, 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Miss Laura M. Raymond Homes, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Miss Laura M. Raymond Homes, Inc.
Title: U.S. Department of Housing and Urban Development Loan Program Accounting Policies: 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: Miss Laura M. Raymond Homes, Inc. did not recover its indirect costs using the 10 percent de minimis indirect cost rate allowed under Section 200.414 of the Uniform Guidance. Miss Laura M. Raymond Homes, Inc. has received a U.S. Department of Housing and Urban Development loan guarantee under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Miss Laura M. Raymond Homes, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 consists of: CFDA Number 14.155; Program Name Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Projects; Outstanding Balance at June 30, 2024 $1,925,315.

Finding Details

Finding 2024-001
Statement of Condition: The Organization did not make its June 30, 2023 required surplus cash deposit to its residual receipts account within 90 days following year-end. Criteria: HUD regulations require that the required deposit to the residual receipts account (if any surplus cash at year-end), be made within 90 days following year-end. Effect: Noncompliance with HUD regulations. Cause: Unknown. Context: During testing, it was determined that the required deposit was made in December 2023. Recommendation: Management should ensure that the surplus cash calculation and if needed, the required deposit, is done within 90 days following year-end. Management’s Response and Corrective Action Plan: We agree with the finding. We will put procedures in place to have the calculation and if needed, the required deposit, done within 90 days following year-end.
Finding 2024-001
Statement of Condition: The Organization did not make its June 30, 2023 required surplus cash deposit to its residual receipts account within 90 days following year-end. Criteria: HUD regulations require that the required deposit to the residual receipts account (if any surplus cash at year-end), be made within 90 days following year-end. Effect: Noncompliance with HUD regulations. Cause: Unknown. Context: During testing, it was determined that the required deposit was made in December 2023. Recommendation: Management should ensure that the surplus cash calculation and if needed, the required deposit, is done within 90 days following year-end. Management’s Response and Corrective Action Plan: We agree with the finding. We will put procedures in place to have the calculation and if needed, the required deposit, done within 90 days following year-end.