FAC Explorer

Audit 348643

FY End
2020-12-31
Total Expended
$2.19M
Findings
10
Programs
2
Organization: Salem Housing Development Corporation (NE)
Year: 2020 Accepted: 2025-03-26
Auditor: Dauby O'Connor & Zaleski LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
537438 2020-001 Material Weakness Yes L
537439 2020-002 Material Weakness Yes C
537440 2020-003 Material Weakness Yes C
537441 2020-004 Material Weakness Yes L
537442 2020-005 Material Weakness Yes L
1113880 2020-001 Material Weakness Yes L
1113881 2020-002 Material Weakness Yes C
1113882 2020-003 Material Weakness Yes C
1113883 2020-004 Material Weakness Yes L
1113884 2020-005 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.83M Yes 5
14.195 Project-Based Rental Assistance (pbra) $369,472 - 0

Contacts

Name Title Type
LB5BNE6J4Q19 Mark Owsley Auditee
4024901907 Jeff Lathrop Auditor
No contacts on file

Notes to SEFA

Title: 3 Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The balance of the HUD mortgage as of December 31, 2020, under Section 207, pursuant to Seciton 223(f) of the National Housing Act is $1,778,249.

Finding Details

Finding 2020-001
For the year ended December 31, 2020, the Corporation did not submit audited financial statements to HUD within the required time period.
Finding 2020-002
The Corporation did not make the required deposit to the residual receipts fund in the amount of $76,571.
Finding 2020-003
As of December 31, 2020, there was no segregated security deposit account and the liability of $10,281 was not properly funded.
Finding 2020-004
For the year ended December 31, 2019, the Corporation did not submit Data Collection Form to FAC within the required time period.
Finding 2020-005
At December 31, 2020, the management agent was unable to provide supporting invoices for 3 disbursements.
Finding 2020-001
For the year ended December 31, 2020, the Corporation did not submit audited financial statements to HUD within the required time period.
Finding 2020-002
The Corporation did not make the required deposit to the residual receipts fund in the amount of $76,571.
Finding 2020-003
As of December 31, 2020, there was no segregated security deposit account and the liability of $10,281 was not properly funded.
Finding 2020-004
For the year ended December 31, 2019, the Corporation did not submit Data Collection Form to FAC within the required time period.
Finding 2020-005
At December 31, 2020, the management agent was unable to provide supporting invoices for 3 disbursements.