FAC Explorer

Audit 329426

FY End
2023-12-31
Total Expended
$2.44M
Findings
2
Programs
1
Organization: Quaker Estates of Portsmouth Iv, Inc. (RI)
Year: 2023 Accepted: 2024-11-22
Auditor: D'ambra CPA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
509761 2023-001 - Yes L
1086203 2023-001 - Yes L

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $84,366 Yes 0

Contacts

Name Title Type
HP2SCZWJW6A8 Michael Packard Auditee
4017390100 Craig Dambra Auditor
No contacts on file

Notes to SEFA

Title: 1 Accounting Policies: SEE ATTACHED De Minimis Rate Used: N Rate Explanation: NOT REQUIRED TO. The schedule of expenditures of federal awards includes the federal award activity of the Corporation. 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: 2 Accounting Policies: SEE ATTACHED De Minimis Rate Used: N Rate Explanation: NOT REQUIRED TO. 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. The Corporation has elected not to use the 10 percent de-minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3 Accounting Policies: SEE ATTACHED De Minimis Rate Used: N Rate Explanation: NOT REQUIRED TO. The Corporation received loan(s) directly or indirectly from the U.S. Department of Housing and Urban Development which is (are) included above. If there were no current year advances on the loan, the loan balance above reflects the beginning of the year balance. If there were advances on the loan, the loan balance above reflects the highest balance during the year.
Title: 4 Accounting Policies: SEE ATTACHED De Minimis Rate Used: N Rate Explanation: NOT REQUIRED TO. Certain grants, while fully expended, contain continuing compliance requirements and are thus included in the Schedule.

Finding Details

Finding 2023-001
Condition - The 2023 financial statements are not yet submitted to REAC and the federal audit clearinghouse (FAC); Criteria - The financial statements must be submitted within 9 months of year end; Cause - The prior management agent did not engage an auditor for 2019 through 2022, the current management agent secured the auditor but the prior audits were completed late, and the current audit could not be completed and filed until the prior audits were completed; Recommendation - All audits should be completed and submitted to REAC and FAC on a timely basis. Management response - Management has made every effort to have the audits completed on a timely basis and has changed the audit firm to provide for timely submissions.
Finding 2023-001
Condition - The 2023 financial statements are not yet submitted to REAC and the federal audit clearinghouse (FAC); Criteria - The financial statements must be submitted within 9 months of year end; Cause - The prior management agent did not engage an auditor for 2019 through 2022, the current management agent secured the auditor but the prior audits were completed late, and the current audit could not be completed and filed until the prior audits were completed; Recommendation - All audits should be completed and submitted to REAC and FAC on a timely basis. Management response - Management has made every effort to have the audits completed on a timely basis and has changed the audit firm to provide for timely submissions.