FAC Explorer

Audit 339234

FY End
2023-06-30
Total Expended
$1.92M
Findings
2
Programs
2
Organization: Swope Gardens Housing Corporation (MO)
Year: 2023 Accepted: 2025-01-22
Auditor: Ralph C Johnson & CO PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
519902 2023-001 - Yes C
1096344 2023-001 - Yes C

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $1.83M Yes 1
14.195 Section 8 Housing Assistance Payments Program $86,131 - 0

Contacts

Name Title Type
UMTRUWUDBF61 Fred Gibbs Auditee
8168414898 Ralph C. Johnson Auditor
No contacts on file

Notes to SEFA

Title: NOTE A - BASIS PRESENTATION Accounting Policies: Expenditures reported in the Schedule of Expenditures of Federal Awards are reported based upon generally accepted accounting principles of the United States of America. De Minimis Rate Used: N Rate Explanation: Swope Gardens Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The above schedule of expenditures of federal awards includes the federal activity of Swope Garden Housing Corporation., HUD Project No. 084-HD062, and is presented 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 for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of the basic financial statements.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Expenditures reported in the Schedule of Expenditures of Federal Awards are reported based upon generally accepted accounting principles of the United States of America. De Minimis Rate Used: N Rate Explanation: Swope Gardens Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures reported in the Schedule of Expenditures of Federal Awards are reported based upon generally accepted accounting principles of the United States of America.
Title: NOTE C - SUB-RECIPIENTS Accounting Policies: Expenditures reported in the Schedule of Expenditures of Federal Awards are reported based upon generally accepted accounting principles of the United States of America. De Minimis Rate Used: N Rate Explanation: Swope Gardens Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. There were no sub-recipients of Swope Gardens Housing Corporation.

Finding Details

Finding 2023-001
Finding 2023-001- Residual Receipt Deposits Federal Agency: U. S. Department of Housing and Urban Development Program Name: Section 811 Capital Advance Assistance Listing NO 14.181 ($1,835,000) Questioned Costs None Condition Found The $5,280 of surplus cash at June 30, 2023 was not deposited into the residual receipts account within ninety days. Criteria: According to HUD’s guidelines, a Project must deposit surplus cash due to residual receipts within ninety days after the fiscal period ends (REAC submission due date) Cause Project management did not transfer the surplus cash of $5,280 from the operating account to the residual receipts Effect: The Project held excess cash and did not make the required residual receipts deposits. Recommendation: The Project should make a deposit of $5,280 for the year ended June 30, 2023. Procedures should be improved to ensure that surplus cash is calculated and transferred to the residual receipt account timely. Management’s response Management will fund residual receipts within the required timeframe going forward.
Finding 2023-001
Finding 2023-001- Residual Receipt Deposits Federal Agency: U. S. Department of Housing and Urban Development Program Name: Section 811 Capital Advance Assistance Listing NO 14.181 ($1,835,000) Questioned Costs None Condition Found The $5,280 of surplus cash at June 30, 2023 was not deposited into the residual receipts account within ninety days. Criteria: According to HUD’s guidelines, a Project must deposit surplus cash due to residual receipts within ninety days after the fiscal period ends (REAC submission due date) Cause Project management did not transfer the surplus cash of $5,280 from the operating account to the residual receipts Effect: The Project held excess cash and did not make the required residual receipts deposits. Recommendation: The Project should make a deposit of $5,280 for the year ended June 30, 2023. Procedures should be improved to ensure that surplus cash is calculated and transferred to the residual receipt account timely. Management’s response Management will fund residual receipts within the required timeframe going forward.