FAC Explorer

Audit 339325

FY End
2024-09-30
Total Expended
$6.33M
Findings
2
Programs
1
Organization: Stoneman Village II Housing Corporation (CA)
Year: 2024 Accepted: 2025-01-22
Auditor: Snd Partners

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
519912 2024-001 - - E
1096354 2024-001 - - E

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $803,645 Yes 1

Contacts

Name Title Type
LZMPNJGJKMS8 Jennie Crow Auditee
9254271870 Courtney Sharp Auditor
No contacts on file

Notes to SEFA

Title: NOTE C – LOAN PROGRAM BALANCES OUTSTANDING Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal award activity of Stoneman Village II Housing Corporation 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Stoneman Village II Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Stoneman Village II Housing Corporation. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identify numbers are presented where available. De Minimis Rate Used: N Rate Explanation: Stoneman Village II Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Loan balances outstanding as of September 30, 2024 are as follows: Supportive Housing for the Elderly – Capital Advance $5,525,900

Finding Details

Finding 2024-001
Finding # 2024-001 Federal Grantor: U.S. Department of Housing and Urban Development AL # / Program : 14.157 - Supportive Housing for Elderly Type of Finding: Federal Award Finding Finding Resolution Status: Resolved Information on Universe Population Size: The project consists of 60 rental units. Sample size information: Sample size totaled 6 rental units. Criteria: HUD Handbook 4350.3, Rev-1, Chg.4, Chapter 9, 9-5 through 9-9 A-C, requires owners/agents to use the Enterprise Income Verification (EIV) system in its entirety and maintain reports in tenant files to demonstrate owners/agents compliance with EIV usage. Statement of Condition: For 3 of the 6 lease files tested, the lease files were missing the required EIV reports. Cause: The project did not have access to the EIV system during fiscal year which prevented it from complying with HUD regulations to use the EIV system in its entirety. Effect or Potential Effect: The project is out of compliance with the Capital Advance Program Regulatory Agreement on form HUD-92466-CA. Auditor Non-Compliance Code: E - Eligibility Questioned Costs: N/A Reporting Views of Responsible Officials: As of November 27, 2024, access to the EIV system has been restored and will be used in its entirety. Context: The project did not have access to the EIV system during fiscal year which prevented it from complying with HUD regulations to use the EIV system in its entirety. Recommendations: We recommend the Owner review controls over the maintenance of EIV system access and use of the EIV system to ensure compliance with HUD regulations. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: As of November 27, 2024, access to the EIV system has been restored and will be used in its entirety. Response Indicator: Agree Completion Date: 27-Nov-24
Finding 2024-001
Finding # 2024-001 Federal Grantor: U.S. Department of Housing and Urban Development AL # / Program : 14.157 - Supportive Housing for Elderly Type of Finding: Federal Award Finding Finding Resolution Status: Resolved Information on Universe Population Size: The project consists of 60 rental units. Sample size information: Sample size totaled 6 rental units. Criteria: HUD Handbook 4350.3, Rev-1, Chg.4, Chapter 9, 9-5 through 9-9 A-C, requires owners/agents to use the Enterprise Income Verification (EIV) system in its entirety and maintain reports in tenant files to demonstrate owners/agents compliance with EIV usage. Statement of Condition: For 3 of the 6 lease files tested, the lease files were missing the required EIV reports. Cause: The project did not have access to the EIV system during fiscal year which prevented it from complying with HUD regulations to use the EIV system in its entirety. Effect or Potential Effect: The project is out of compliance with the Capital Advance Program Regulatory Agreement on form HUD-92466-CA. Auditor Non-Compliance Code: E - Eligibility Questioned Costs: N/A Reporting Views of Responsible Officials: As of November 27, 2024, access to the EIV system has been restored and will be used in its entirety. Context: The project did not have access to the EIV system during fiscal year which prevented it from complying with HUD regulations to use the EIV system in its entirety. Recommendations: We recommend the Owner review controls over the maintenance of EIV system access and use of the EIV system to ensure compliance with HUD regulations. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: As of November 27, 2024, access to the EIV system has been restored and will be used in its entirety. Response Indicator: Agree Completion Date: 27-Nov-24