FAC Explorer

Audit 327371

FY End
2024-03-31
Total Expended
$2.45M
Findings
2
Programs
3
Organization: Mamou Elderly Housing Development Corp. Operating As Savoy Heights Apt (FL)
Year: 2024 Accepted: 2024-11-05
Auditor: Bellows Associates P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
504752 2024-001 - - N
1081194 2024-001 - - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.01M Yes 1
14.195 Section 8 Housing Assistance Payments Program $432,968 - 0
14.195 Section 8 Covid 19 - Csp $3,820 - 0

Contacts

Name Title Type
HQMKWHFLNUC1 Irene Phillips Auditee
9548359200 Jennifer R. Koffman 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 ofexpenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Mamou Elderly Housing Development Corporation 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 includes the federal grant activity of Mamou Elderly Housing Development Corporation, operating as Savoy Heights Apartments, HUD Project No. 064-11117, and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance 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 Mamou Elderly Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mamou Elderly Housing Development Corporation.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT REFINANCE LOAN 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 ofexpenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Mamou Elderly Housing Development Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Mamou Elderly Housing Development Corporation has received a U.S. Department of Housing and Urban Development mortgage restructuring under Section 207 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. Mamou Elderly Housing Development Corporation received no additional loans during the year. The balance of the loan outstanding as of March 31, 2024 was $1,951,099.

Finding Details

Finding 2024-001
FINDING No. 2024-001: Section 207/223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects, ALN 14.155 Finding Resolution Status: Unresolved. Information on Universe Population Size: All replacement reserve deposits for the year ended March 31, 2024. Sample Size Information: All replacement reserve deposits for the year ended March 31, 2024. Identification of Repeat Finding and Finding Reference Number: No. Criteria: In accordance with HUD, required monthly deposits must be made to the Project’s reserve for replacement account. Statement of Condition: The Project overfunded the account by $152. Cause: The Project made a payment in excess of funding requirements. Effect or Potential Effect: Overfunded reserve for replacement account. Auditor Non-Compliance Code: N – Replacement Reserve Deposits. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendation will be adopted. Recommendation: The Project should implement procedures to ensure that the correct amount is deposited into the replacement reserve account each month. Response Indicator: Agree. Completion date: 03/31/2025 Response: Additional procedures have been implemented to ensure the correct amount of funding for replacement reserves is completed.
Finding 2024-001
FINDING No. 2024-001: Section 207/223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects, ALN 14.155 Finding Resolution Status: Unresolved. Information on Universe Population Size: All replacement reserve deposits for the year ended March 31, 2024. Sample Size Information: All replacement reserve deposits for the year ended March 31, 2024. Identification of Repeat Finding and Finding Reference Number: No. Criteria: In accordance with HUD, required monthly deposits must be made to the Project’s reserve for replacement account. Statement of Condition: The Project overfunded the account by $152. Cause: The Project made a payment in excess of funding requirements. Effect or Potential Effect: Overfunded reserve for replacement account. Auditor Non-Compliance Code: N – Replacement Reserve Deposits. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendation will be adopted. Recommendation: The Project should implement procedures to ensure that the correct amount is deposited into the replacement reserve account each month. Response Indicator: Agree. Completion date: 03/31/2025 Response: Additional procedures have been implemented to ensure the correct amount of funding for replacement reserves is completed.