FAC Explorer

Audit 329691

FY End
2024-06-30
Total Expended
$1.06M
Findings
6
Programs
2
Organization: Comprehend Properties Inc. (KY)
Year: 2024 Accepted: 2024-11-25
Auditor: Kelley Galloway Smith Goolsby Psc

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
511960 2024-001 Material Weakness - E
511961 2024-002 - - P
511962 2024-003 - - P
1088402 2024-001 Material Weakness - E
1088403 2024-002 - - P
1088404 2024-003 - - P

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $916,556 Yes 3
14.856 Lower Income Housing Assistance Program Section 8 Moderate Rehabilitation $141,807 - 0

Contacts

Name Title Type
ZZC9CX51HF43 Donna Hicks Auditee
6065644019 Steve Roberson Auditor
No contacts on file

Notes to SEFA

Title: Note C Section 223(F) Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement. De Minimis Rate Used: N Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Organization has a mortgage which is insured by the Department of Housing and Urban Development. As determined by 2 CFR Section 200.502(b) the federal expenditure amount represents the loan balance as of July 1, 2023. The balance of the mortgage loan outstanding as of June 30, 2024 is $888,802. The Organization received no additional loans during the year.

Finding Details

Finding 2024-001
While performing Section 223(f) eligibility testing, we noted that 10 instances out of 30 in which the income listed on HUD 50059 form did not match the income support in the tenant files.
Finding 2024-002
While testing the reploacement reverse deposits we noted that effective May 1, 2024, the deposit amount increased from $1,154.54 to $1,261.91; however, the amount deposited in May and June was still $1,154.54.
Finding 2024-003
While performing section 223(f) elibibility testing, we noted one instance in which the supporting documentation for the receipt of a new tenant's security deposit could not be located hsowing that the securiyt deposit was collected.
Finding 2024-001
While performing Section 223(f) eligibility testing, we noted that 10 instances out of 30 in which the income listed on HUD 50059 form did not match the income support in the tenant files.
Finding 2024-002
While testing the reploacement reverse deposits we noted that effective May 1, 2024, the deposit amount increased from $1,154.54 to $1,261.91; however, the amount deposited in May and June was still $1,154.54.
Finding 2024-003
While performing section 223(f) elibibility testing, we noted one instance in which the supporting documentation for the receipt of a new tenant's security deposit could not be located hsowing that the securiyt deposit was collected.