FAC Explorer

Audit 351969

FY End
2024-06-30
Total Expended
$10.16M
Findings
2
Programs
2
Organization: The Jewish Home Tower, Inc. (GA)
Year: 2024 Accepted: 2025-03-31
Auditor: Mauldin & Jenkins LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
548627 2024-001 - - B
1125069 2024-001 - - B

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $7.87M Yes 0
14.195 Project-Based Rental Assistance (pbra) $2.29M Yes 1

Contacts

Name Title Type
LDSNG48P4NH8 Neelam Rahatekar Auditee
4043518410 Ross Cannon Auditor
No contacts on file

Notes to SEFA

Title: NOTE A. 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. The Jewish Home Tower, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Jewish Home Tower, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of The Jewish Home Tower, Inc. under programs of the federal government for the year ended June 30, 2024. 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 The Jewish Home Tower, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Jewish Home Tower, Inc.
Title: NOTE C. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM 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. The Jewish Home Tower, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Jewish Home Tower, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Jewish Home Tower, Inc. has received a U.S. Department of Housing and Urban Development insured loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The Jewish Home Tower, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 consists of: Assistance Listing Number Program Name Outstanding Balance at June 30, 2024 14.155 Section 223(f) Insured Loan $ 22,711,261

Finding Details

Finding 2024-001
2024-001 – U.S. Department of Housing and Urban Development – Section 8 Project-Based Cluster, Assistance Listing No. 14.195 Condition: Supporting documentation for three disbursements selected for testing could not be located. Criteria: Compliance requirements surrounding allowable costs require the selection of a sample of disbursements made during the year under audit. Cause: Policies and procedures are in place for document retention, however, a system conversion over the accounts payable cycle resulted in these three invoices being misplaced. Effect: Costs incurred with the use of project funds could not be verified for these three disbursements. Context: A sample of 40 disbursements was selected at random from a population of all disbursements during the year. The test found that 3 of the 40 disbursements did not contain supporting documentation, such as an invoice, to support the expense. Recommendation: The Organization should implement further procedures surrounding the accounts payable function to ensure all supporting documentation is retained for all expenditures. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation and has implemented a new software platform surrounding the accounts payable function to ensure future compliance.
Finding 2024-001
2024-001 – U.S. Department of Housing and Urban Development – Section 8 Project-Based Cluster, Assistance Listing No. 14.195 Condition: Supporting documentation for three disbursements selected for testing could not be located. Criteria: Compliance requirements surrounding allowable costs require the selection of a sample of disbursements made during the year under audit. Cause: Policies and procedures are in place for document retention, however, a system conversion over the accounts payable cycle resulted in these three invoices being misplaced. Effect: Costs incurred with the use of project funds could not be verified for these three disbursements. Context: A sample of 40 disbursements was selected at random from a population of all disbursements during the year. The test found that 3 of the 40 disbursements did not contain supporting documentation, such as an invoice, to support the expense. Recommendation: The Organization should implement further procedures surrounding the accounts payable function to ensure all supporting documentation is retained for all expenditures. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation and has implemented a new software platform surrounding the accounts payable function to ensure future compliance.