FAC Explorer

Audit 34218

FY End
2022-12-31
Total Expended
$4.50M
Findings
2
Programs
1
Organization: B'nai B'rith Iii, Inc. (MA)
Year: 2022 Accepted: 2023-05-02
Auditor: Cohnreznick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
36827 2022-001 - - N
613269 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $4.50M Yes 1

Contacts

Name Title Type
T83QFS5DEQ77 Thea Weitz Auditee
6175328648 Philip Weitzel Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of B'nai B'rith III, Inc., HUD Project No.: 023-EE-116, under programs of the federal government for the year ended December 31, 2022. 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 B'nai B'rith III, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of B'nai B'rith III, Inc. For the year ended December 31, 2022, no awards were passed through to subrecipients. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balance outstanding at the end of the audit period were $4,088,100

Finding Details

Finding 2022-001
Finding No. HUD 2022-001; Section 202 Capital Advance, CFDA 14.157 Statement of Condition During the year ended December 31, 2022, the project did not make the required monthly deposits to the replacement reserve in the amount of $5,926. The project is required to make monthly deposits to the reserve in the amount of $2,963. Criteria The program documents with HUD require that the project make monthly deposits to its replacement reserve. Cause Management did not make timely deposits to the replacement reserve established by HUD. Effect or Potential Effect Failure to make monthly payments resulted in an underfunding of the replacement reserve and a violation of the HUD agreement. Recommendation Management should review the HUD contract and make the required monthly deposits in a timely manner. Auditor Noncompliance Code: N. Reserve for replacement deposits; Special tests and provisions Finding Resolution Status: Resolved Views of Responsible Officials Management concurs with the finding. Management funded the $5,926 shortfall on March 22, 2023. In addition, management has communicated with the staff the importance of timely replacement reserve deposits and compliance with this requirement to ensure that all required deposits are made as established by HUD.
Finding 2022-001
Finding No. HUD 2022-001; Section 202 Capital Advance, CFDA 14.157 Statement of Condition During the year ended December 31, 2022, the project did not make the required monthly deposits to the replacement reserve in the amount of $5,926. The project is required to make monthly deposits to the reserve in the amount of $2,963. Criteria The program documents with HUD require that the project make monthly deposits to its replacement reserve. Cause Management did not make timely deposits to the replacement reserve established by HUD. Effect or Potential Effect Failure to make monthly payments resulted in an underfunding of the replacement reserve and a violation of the HUD agreement. Recommendation Management should review the HUD contract and make the required monthly deposits in a timely manner. Auditor Noncompliance Code: N. Reserve for replacement deposits; Special tests and provisions Finding Resolution Status: Resolved Views of Responsible Officials Management concurs with the finding. Management funded the $5,926 shortfall on March 22, 2023. In addition, management has communicated with the staff the importance of timely replacement reserve deposits and compliance with this requirement to ensure that all required deposits are made as established by HUD.