FAC Explorer

Audit 346377

FY End
2024-12-31
Total Expended
$1.08M
Findings
2
Programs
1
Organization: Spectrum Ringwood Apartments, Inc. (NJ)
Year: 2024 Accepted: 2025-03-17
Auditor: Mercadien PC Certified Public Accountants

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
528341 2024-001 - - N
1104783 2024-001 - - N

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $83,342 Yes 0

Contacts

Name Title Type
NRRKBQZKJLE3 Danny Rosario Auditee
2013588000 Lovepreet Buttar, CPA Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of the Organization under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, change in net assets or cash flows of the Organization. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to the reimbursement. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2024-001
Finding: 2024-001 Program: U.S. Department of Housing and Urban Development Supportive Housing for Persons with Disabilities (Section 811) and Capital Advance Criteria or specific requirement: Management is required to make monthly deposits into the replacement reserve account at amounts that are set by HUD. Condition: Management made only nine of the twelve required monthly deposits into the replacement reserve account during the year under audit. Cause: The client experienced cash shortages during the year under audit which led to difficulties in having the available cash flow to make the required deposits. Effect: The replacement reserve account had a lower balance than was required as of December 31, 2024. Recommendation: We recommend that management of the Organization closely adhere to the HUD guidance requiring deposits. If monthly deposits cannot be made, then the Organization should request an exemption form from HUD allowing them to postpone these deposits for a period of time. Views of responsible officials and planned corrective actions: Management is in agreement with the finding. See Corrective Action Plan.
Finding 2024-001
Finding: 2024-001 Program: U.S. Department of Housing and Urban Development Supportive Housing for Persons with Disabilities (Section 811) and Capital Advance Criteria or specific requirement: Management is required to make monthly deposits into the replacement reserve account at amounts that are set by HUD. Condition: Management made only nine of the twelve required monthly deposits into the replacement reserve account during the year under audit. Cause: The client experienced cash shortages during the year under audit which led to difficulties in having the available cash flow to make the required deposits. Effect: The replacement reserve account had a lower balance than was required as of December 31, 2024. Recommendation: We recommend that management of the Organization closely adhere to the HUD guidance requiring deposits. If monthly deposits cannot be made, then the Organization should request an exemption form from HUD allowing them to postpone these deposits for a period of time. Views of responsible officials and planned corrective actions: Management is in agreement with the finding. See Corrective Action Plan.