FAC Explorer

Audit 335277

FY End
2024-03-31
Total Expended
$924,405
Findings
2
Programs
3
Organization: Port Isabel Housing Authority (TX)
Year: 2024 Accepted: 2024-12-31
Auditor: John A Blakeway CPA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
517261 2024-001 - - N
1093703 2024-001 - - N

Programs

ALN Program Spent Major Findings
14.871 Section 8 Housing Choice Vouchers $619,102 Yes 0
14.850 Public Housing Operating Fund $229,885 - 1
14.872 Public Housing Capital Fund $75,418 - 0

Contacts

Name Title Type
VL6CPFN5UUZ9 Karena Bennett Auditee
9569432863 John A. Blakeway Auditor
No contacts on file

Notes to SEFA

Title: Note A - Basis of Presentation Accounting Policies: Refer to Note B, Column B, Row 3. De Minimis Rate Used: N Rate Explanation: Auditee did not use 10% de minimis cost rate. Refer to Note B, Column B, Row 3. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA under programs of the federal government for the year ended March 31, 2024. 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 PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
Title: Note B - Significant Accounting Policies Accounting Policies: Refer to Note B, Column B, Row 3. De Minimis Rate Used: N Rate Explanation: Auditee did not use 10% de minimis cost rate. Refer to Note B, Column B, Row 3. 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 PHA's summary of significant accounting policies is presented in Note A in the PHA's basic financial statements. The PHA has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2024-001
2024-001 - Public and Indian Housing - ALN No. 14.850. Criteria or Specific Requirement: Transfers of land from the low rent program should be approved by HUD (2 CFR Part 970). Condition: - Land (2.48 acres) that was previously approved by HUD to be leased to a tax credit entity was transferred to the Port Isabel Public Facilities Corporation to be used for a new low income housing development. The PHA could not find documentation that HUD approval was obtained, or was not required. Cause: Unknown. Effect: Land was transferred from the PHA's low rent program to the Port Isabel Public Facilities Corporation. Questioned Costs: The value of the land transferred. Repeat Finding: Not a repeat finding. Reccomendation: The PHA should obtain approval from HUD for the land transfer, or document that approval was not required. Response: The PHA will obtain the recommended documentation.
Finding 2024-001
2024-001 - Public and Indian Housing - ALN No. 14.850. Criteria or Specific Requirement: Transfers of land from the low rent program should be approved by HUD (2 CFR Part 970). Condition: - Land (2.48 acres) that was previously approved by HUD to be leased to a tax credit entity was transferred to the Port Isabel Public Facilities Corporation to be used for a new low income housing development. The PHA could not find documentation that HUD approval was obtained, or was not required. Cause: Unknown. Effect: Land was transferred from the PHA's low rent program to the Port Isabel Public Facilities Corporation. Questioned Costs: The value of the land transferred. Repeat Finding: Not a repeat finding. Reccomendation: The PHA should obtain approval from HUD for the land transfer, or document that approval was not required. Response: The PHA will obtain the recommended documentation.