Accounting Policies: This schedule is presented on the accrual basis of accounting in accordance with generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The company does not use the 10% de minimis indirect cost rate
The Company did not maintain a separate bank account in a federally insured depository in an interest-bearing account. We recommend that the company create a separate account in a federally insured depository in an interest-bearing account to prevent noncompliance with the program requirements.
The Company's fiscal year 2023 audit was not completed until November 2024. Due to a change in the management company, as well as difficulties in the new management company obtaining access to the HUD REAC system. The Company is required to submit an annual report to HUD through their REAC system 90 days after yearend. Due to the level of federal funding received, the Company is also required to submit the single audit to the Federal Audit Clearinghouse the earlier of 1. 30 calendar days after receipt of the audit report or 2. nine months after the end of the audit period. We recommend the Comapy submit the late filings as soon as possible after receiving the final audit report. Additionaly, we recommend that the Company begin to file their reporting submissions in a timely manner.
The Company did not maintain a separate bank account in a federally insured depository in an interest-bearing account. We recommend that the company create a separate account in a federally insured depository in an interest-bearing account to prevent noncompliance with the program requirements.
The Company's fiscal year 2023 audit was not completed until November 2024. Due to a change in the management company, as well as difficulties in the new management company obtaining access to the HUD REAC system. The Company is required to submit an annual report to HUD through their REAC system 90 days after yearend. Due to the level of federal funding received, the Company is also required to submit the single audit to the Federal Audit Clearinghouse the earlier of 1. 30 calendar days after receipt of the audit report or 2. nine months after the end of the audit period. We recommend the Comapy submit the late filings as soon as possible after receiving the final audit report. Additionaly, we recommend that the Company begin to file their reporting submissions in a timely manner.