FAC Explorer

Audit 32847

FY End
2022-06-30
Total Expended
$4.48M
Findings
0
Programs
2
Organization: Culpepper Garden Ii, Inc. (VA)
Year: 2022 Accepted: 2023-01-08
Auditor: Brown Edwards & Company

Organization Exclusion Status:

Findings

No findings recorded

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.52M - 0
14.195 Section 8 Housing Assistance Payments Program $955,943 Yes 0

Contacts

Name Title Type
HTMDL319D7J3 Kathryn Overacker Auditee
5405634565 John S. Aldridge Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: This schedule 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. Culpepper Garden II, Inc. (the Corporation) has received a Section 223(f) HUD insured mortgage. The loan balance outstanding at the beginning of the year is included in the schedule of expenditures of federal awards presented above. The Corporation received no additional loans during the year. The balance of the loan outstanding at June 30, 2022 was $3,427,897.