FAC Explorer

Audit 338161

FY End
2024-06-30
Total Expended
$3.97M
Findings
2
Programs
2
Organization: Ahepa 284, Inc. (SC)
Year: 2024 Accepted: 2025-01-15
Auditor: Clark Schaefer Hackett & Company

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
519312 2024-001 - - N
1095754 2024-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly - Section 202 Hud Capital Advance $3.65M Yes 1
14.157 Supportive Housing for the Elderly - Project Rental Assistance Contract $320,708 Yes 0

Contacts

Name Title Type
N5BHK79RL898 Mark Paul Auditee
3178453410 Jonah Colvin Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of AHEPA 284, Inc. under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Since the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the Organization's financial position, changes in net assets, or cash flows. 2. Summary of Significant Accounting Policies (a) 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. (b) AHEPA 284, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate The outstanding balance of the HUD Capital Advance at June 30, 2024 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $3,651,100.

Finding Details

Finding 2024-001
S3800-010 Finding reference number 2024-001 S3800-011 Title and AL number of federal program Supportive Housing for the Elderly #14.157 S3800-015 Type of finding Federal Award Finding S3800-016 Finding resolution status In Process S3800-017 Information on universe population not applicable S3800-018 Sample information not applicable S3800-019 Identification of repeat finding and finding reference number NA S3800-020 Criteria The Regulatory Agreement between HUD and the owner stipulates that project make required monthly deposits into the replacement reserve account. S3800-030 Statement of condition The Organization did not make the required monthly deposits into the replacement reserve account. S3800-032 Cause The Organization did not have the cash flow available to make the required deposits. S3800-033 Effect or potential effect Cash may be unavailable to meet reasonable and necessary obligations of the project. S3800-035 Auditor non-compliance code N - Reserve for Replacement Reserve S3800-040 Questioned costs $17,472 S3800-037 Property associated with the finding 054-EE-029 S3800-038 Questioned costs $0 S3800-045 Reporting views of responsible officials Management agrees S3800-050 Context not applicable S3800-080 Recommendation When cash becomes available, the Organization will deposit the underfunded amount into the replacement reserve account. S3800-090 Auditors' Summary of the Auditee's Comments on the Findings and Recommendations Management agrees S3800-130 Response indicator Agreed S3800-140 Anticipated Completion Date 12/31/2024 S3800-150 Response Management is working to repay the funds to the project
Finding 2024-001
S3800-010 Finding reference number 2024-001 S3800-011 Title and AL number of federal program Supportive Housing for the Elderly #14.157 S3800-015 Type of finding Federal Award Finding S3800-016 Finding resolution status In Process S3800-017 Information on universe population not applicable S3800-018 Sample information not applicable S3800-019 Identification of repeat finding and finding reference number NA S3800-020 Criteria The Regulatory Agreement between HUD and the owner stipulates that project make required monthly deposits into the replacement reserve account. S3800-030 Statement of condition The Organization did not make the required monthly deposits into the replacement reserve account. S3800-032 Cause The Organization did not have the cash flow available to make the required deposits. S3800-033 Effect or potential effect Cash may be unavailable to meet reasonable and necessary obligations of the project. S3800-035 Auditor non-compliance code N - Reserve for Replacement Reserve S3800-040 Questioned costs $17,472 S3800-037 Property associated with the finding 054-EE-029 S3800-038 Questioned costs $0 S3800-045 Reporting views of responsible officials Management agrees S3800-050 Context not applicable S3800-080 Recommendation When cash becomes available, the Organization will deposit the underfunded amount into the replacement reserve account. S3800-090 Auditors' Summary of the Auditee's Comments on the Findings and Recommendations Management agrees S3800-130 Response indicator Agreed S3800-140 Anticipated Completion Date 12/31/2024 S3800-150 Response Management is working to repay the funds to the project