FAC Explorer

Audit 327440

FY End
2024-06-30
Total Expended
$3.00M
Findings
4
Programs
1
Organization: Lss Housing Jamestown, Inc. (ND)
Year: 2024 Accepted: 2024-11-06
Auditor: Eide Bailly

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
504790 2024-002 - - N
504791 2024-002 - - N
1081232 2024-002 - - N
1081233 2024-002 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $51,815 Yes 1

Contacts

Name Title Type
R3Z3DGVV1TA3 Dawn Helmowski Auditee
7015510489 Reggie MacMaster Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. The Organization’s summary of significant accounting policies is presented in Note 1 in the Organization’s basic financial statements. De Minimis Rate Used: N Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate. The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of LSS Housing Jamestown, Inc. under programs of the federal government for the year ended June 30, 2024. The information 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 LSS Housing Jamestown, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of LSS Housing Jamestown, Inc.
Title: Loan Program Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. The Organization’s summary of significant accounting policies is presented in Note 1 in the Organization’s basic financial statements. De Minimis Rate Used: N Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate. Expenditures reported in this schedule consist of the beginning of the year outstanding loan balance plus advances made on the loan during the year. The outstanding balance at June 30, 2024 was $2,951,000.

Finding Details

Finding 2024-002
U.S. Department of Housing and Urban Development Federal Financial Assistance Listing #14.157 Supportive Housing for the Elderly (Section 202) Project Rental Assistance Contract Number: ND99S091001 Project Number: 094-EE008-NP-WAH Special Tests and Provisions: Residual Receipts Reserve Immaterial Instance of Non-Compliance Criteria – Pursuant to the regulatory agreement, the Organization is to make annual deposits of surplus cash, based on the HUD surplus cash calculation to the residual receipts reserve. Condition – Due to insufficient cash flow, the Organization did not make the required deposit to the residual receipt reserve in the current year. Cause – The deposit was not made due to the Organization not having adequate cash flow to make the deposit. Effect – The residual receipts account has not been properly funded, resulting in noncompliance with the HUD regulatory agreement. Questioned Costs - $3,388 Context/Sampling – Not applicable. Repeat Finding from Prior Year(s) – No Recommendation – It is the responsibility of management to make the required deposits based on the HUD surplus cash calculation. Approval from HUD should be obtained for all withdrawals prior to being taken. Views of Responsible Officials – Management agrees with the finding.
Finding 2024-002
U.S. Department of Housing and Urban Development Federal Financial Assistance Listing #14.157 Supportive Housing for the Elderly (Section 202) Project Rental Assistance Contract Number: ND99S091001 Project Number: 094-EE008-NP-WAH Special Tests and Provisions: Residual Receipts Reserve Immaterial Instance of Non-Compliance Criteria – Pursuant to the regulatory agreement, the Organization is to make annual deposits of surplus cash, based on the HUD surplus cash calculation to the residual receipts reserve. Condition – Due to insufficient cash flow, the Organization did not make the required deposit to the residual receipt reserve in the current year. Cause – The deposit was not made due to the Organization not having adequate cash flow to make the deposit. Effect – The residual receipts account has not been properly funded, resulting in noncompliance with the HUD regulatory agreement. Questioned Costs - $3,388 Context/Sampling – Not applicable. Repeat Finding from Prior Year(s) – No Recommendation – It is the responsibility of management to make the required deposits based on the HUD surplus cash calculation. Approval from HUD should be obtained for all withdrawals prior to being taken. Views of Responsible Officials – Management agrees with the finding.
Finding 2024-002
U.S. Department of Housing and Urban Development Federal Financial Assistance Listing #14.157 Supportive Housing for the Elderly (Section 202) Project Rental Assistance Contract Number: ND99S091001 Project Number: 094-EE008-NP-WAH Special Tests and Provisions: Residual Receipts Reserve Immaterial Instance of Non-Compliance Criteria – Pursuant to the regulatory agreement, the Organization is to make annual deposits of surplus cash, based on the HUD surplus cash calculation to the residual receipts reserve. Condition – Due to insufficient cash flow, the Organization did not make the required deposit to the residual receipt reserve in the current year. Cause – The deposit was not made due to the Organization not having adequate cash flow to make the deposit. Effect – The residual receipts account has not been properly funded, resulting in noncompliance with the HUD regulatory agreement. Questioned Costs - $3,388 Context/Sampling – Not applicable. Repeat Finding from Prior Year(s) – No Recommendation – It is the responsibility of management to make the required deposits based on the HUD surplus cash calculation. Approval from HUD should be obtained for all withdrawals prior to being taken. Views of Responsible Officials – Management agrees with the finding.
Finding 2024-002
U.S. Department of Housing and Urban Development Federal Financial Assistance Listing #14.157 Supportive Housing for the Elderly (Section 202) Project Rental Assistance Contract Number: ND99S091001 Project Number: 094-EE008-NP-WAH Special Tests and Provisions: Residual Receipts Reserve Immaterial Instance of Non-Compliance Criteria – Pursuant to the regulatory agreement, the Organization is to make annual deposits of surplus cash, based on the HUD surplus cash calculation to the residual receipts reserve. Condition – Due to insufficient cash flow, the Organization did not make the required deposit to the residual receipt reserve in the current year. Cause – The deposit was not made due to the Organization not having adequate cash flow to make the deposit. Effect – The residual receipts account has not been properly funded, resulting in noncompliance with the HUD regulatory agreement. Questioned Costs - $3,388 Context/Sampling – Not applicable. Repeat Finding from Prior Year(s) – No Recommendation – It is the responsibility of management to make the required deposits based on the HUD surplus cash calculation. Approval from HUD should be obtained for all withdrawals prior to being taken. Views of Responsible Officials – Management agrees with the finding.