FAC Explorer

Audit 343226

FY End
2024-06-30
Total Expended
$960,050
Findings
2
Programs
1
Organization: Belmeno - Hope Harbor Housing Dba Belmeno Manor (CA)
Year: 2024 Accepted: 2025-02-20
Auditor: Douglas & Bhagat CPA Services INC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
524042 2024-001 Significant Deficiency - P
1100484 2024-001 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $960,050 Yes 1

Contacts

Name Title Type
RC3QU4GM62N8 Charles Decuir Auditee
3106480824 Nicole Douglas Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. De Minimis Rate Used: N Rate Explanation: NOTE C – INDIRECT COST RATE Belmeno Hope Harbor Housing dba Belmeno Manor, HUD Project #122-HD146 has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. NOTE A – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal award activity of Belmeno Hope Harbor Housing dba Belmeno Manor under programs of the federal government for the year ended June 30, 2024 and is the responsibility of management and was derived from, and relates directly to, the underlying accounting and other records used to prepare the financial statements. 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 Belmeno Hope Harbor Housing dba Belmeno Manor, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Belmeno Hope Harbor Housing dba Belmeno Manor.

Finding Details

Finding 2024-001
Criteria or specific requirement: Assignment of responsibility to the Sponsor (HOPE, Inc.) and Board of Directors that the audited financial statements are timely submitted to HUD Real Estate Assessment Center (REAC) Condition: REAC submissions of audited financial statements are due within 90 days of the Organization’s fiscal year end of June 30, 2024 Effect: Could result in penalties charged by HUD due to the fact that the submissions were late Cause The Sponsor fired the property management company during this fiscal year and it was difficult for the Organization and independent auditor to acquire financial information from this property management company Recommendation: Before making any changes to management companies the Organization needs to verify that they have all necessary financial information to the independent auditor Management's response: The Sponsor and Board of Directors will consult with the independent auditor in the future before making any changes to management companies so they can plan accordingly
Finding 2024-001
Criteria or specific requirement: Assignment of responsibility to the Sponsor (HOPE, Inc.) and Board of Directors that the audited financial statements are timely submitted to HUD Real Estate Assessment Center (REAC) Condition: REAC submissions of audited financial statements are due within 90 days of the Organization’s fiscal year end of June 30, 2024 Effect: Could result in penalties charged by HUD due to the fact that the submissions were late Cause The Sponsor fired the property management company during this fiscal year and it was difficult for the Organization and independent auditor to acquire financial information from this property management company Recommendation: Before making any changes to management companies the Organization needs to verify that they have all necessary financial information to the independent auditor Management's response: The Sponsor and Board of Directors will consult with the independent auditor in the future before making any changes to management companies so they can plan accordingly