FAC Explorer

Audit 35200

FY End
2022-06-30
Total Expended
$4.86M
Findings
6
Programs
1
Organization: Presidential Place, Inc. (MA)
Year: 2022 Accepted: 2022-10-17
Auditor: Cohnreznick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
37586 2022-001 Significant Deficiency - A
37587 2022-001 Significant Deficiency - A
37588 2022-001 Significant Deficiency - A
614028 2022-001 Significant Deficiency - A
614029 2022-001 Significant Deficiency - A
614030 2022-001 Significant Deficiency - A

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $3,423 Yes 1

Contacts

Name Title Type
KL4KCPJCJ656 Mary Sugrue Auditee
6176959595 James Matzdorff Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 - Basis of presentationThe accompanying schedule of expenditures of federal awards ("Schedule") includes the federalaward activity of Presidential Place, Inc., HUD Project No. 016-EE-027, under programs of thefederal government for the year ended June 30, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards ("Uniform Guidance"). Because the Schedule presents only a selected portion of theoperations of Presidential Place, Inc., it is not intended to and does not present the financialposition, changes in net assets, or cash flows of Presidential Place, Inc. For the year ended June30, 2022, no awards were passed through to sub recipients.Note 2 - Summary of significant accounting policiesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 4403000.

Finding Details

Finding 2022-001
Section III - Finding and Questioned Costs - Major Federal Program Audit Department of Housing and Urban Development Finding No. 2022-001; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Any withdrawal from the replacement reserve account requires HUD approval and should be for costs of the Project. Condition During the year ended June 30, 2022, management withdrew $42,636 from the replacement reserve account for costs incurred by a different project. Cause The amount was withdrawn from the replacement reserve account of the wrong Project in error. Effect or Potential Effect The withdrawal of $42,636 is an unauthorized withdrawal from the replacement reserve account. Questioned Costs N/A Context The error was self-identified by management. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should immediately have the Project reimbursed by the other entity for the $42,636 and deposit the amount back into the replacement reserve. Auditor Noncompliance Code: A - Unauthorized withdrawals from replacement reserve account. Finding Resolution Status: Resolved.
Finding 2022-001
Section III - Finding and Questioned Costs - Major Federal Program Audit Department of Housing and Urban Development Finding No. 2022-001; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Any withdrawal from the replacement reserve account requires HUD approval and should be for costs of the Project. Condition During the year ended June 30, 2022, management withdrew $42,636 from the replacement reserve account for costs incurred by a different project. Cause The amount was withdrawn from the replacement reserve account of the wrong Project in error. Effect or Potential Effect The withdrawal of $42,636 is an unauthorized withdrawal from the replacement reserve account. Questioned Costs N/A Context The error was self-identified by management. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should immediately have the Project reimbursed by the other entity for the $42,636 and deposit the amount back into the replacement reserve. Auditor Noncompliance Code: A - Unauthorized withdrawals from replacement reserve account. Finding Resolution Status: Resolved.
Finding 2022-001
Section III - Finding and Questioned Costs - Major Federal Program Audit Department of Housing and Urban Development Finding No. 2022-001; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Any withdrawal from the replacement reserve account requires HUD approval and should be for costs of the Project. Condition During the year ended June 30, 2022, management withdrew $42,636 from the replacement reserve account for costs incurred by a different project. Cause The amount was withdrawn from the replacement reserve account of the wrong Project in error. Effect or Potential Effect The withdrawal of $42,636 is an unauthorized withdrawal from the replacement reserve account. Questioned Costs N/A Context The error was self-identified by management. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should immediately have the Project reimbursed by the other entity for the $42,636 and deposit the amount back into the replacement reserve. Auditor Noncompliance Code: A - Unauthorized withdrawals from replacement reserve account. Finding Resolution Status: Resolved.
Finding 2022-001
Section III - Finding and Questioned Costs - Major Federal Program Audit Department of Housing and Urban Development Finding No. 2022-001; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Any withdrawal from the replacement reserve account requires HUD approval and should be for costs of the Project. Condition During the year ended June 30, 2022, management withdrew $42,636 from the replacement reserve account for costs incurred by a different project. Cause The amount was withdrawn from the replacement reserve account of the wrong Project in error. Effect or Potential Effect The withdrawal of $42,636 is an unauthorized withdrawal from the replacement reserve account. Questioned Costs N/A Context The error was self-identified by management. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should immediately have the Project reimbursed by the other entity for the $42,636 and deposit the amount back into the replacement reserve. Auditor Noncompliance Code: A - Unauthorized withdrawals from replacement reserve account. Finding Resolution Status: Resolved.
Finding 2022-001
Section III - Finding and Questioned Costs - Major Federal Program Audit Department of Housing and Urban Development Finding No. 2022-001; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Any withdrawal from the replacement reserve account requires HUD approval and should be for costs of the Project. Condition During the year ended June 30, 2022, management withdrew $42,636 from the replacement reserve account for costs incurred by a different project. Cause The amount was withdrawn from the replacement reserve account of the wrong Project in error. Effect or Potential Effect The withdrawal of $42,636 is an unauthorized withdrawal from the replacement reserve account. Questioned Costs N/A Context The error was self-identified by management. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should immediately have the Project reimbursed by the other entity for the $42,636 and deposit the amount back into the replacement reserve. Auditor Noncompliance Code: A - Unauthorized withdrawals from replacement reserve account. Finding Resolution Status: Resolved.
Finding 2022-001
Section III - Finding and Questioned Costs - Major Federal Program Audit Department of Housing and Urban Development Finding No. 2022-001; Section 202 Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria Any withdrawal from the replacement reserve account requires HUD approval and should be for costs of the Project. Condition During the year ended June 30, 2022, management withdrew $42,636 from the replacement reserve account for costs incurred by a different project. Cause The amount was withdrawn from the replacement reserve account of the wrong Project in error. Effect or Potential Effect The withdrawal of $42,636 is an unauthorized withdrawal from the replacement reserve account. Questioned Costs N/A Context The error was self-identified by management. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should immediately have the Project reimbursed by the other entity for the $42,636 and deposit the amount back into the replacement reserve. Auditor Noncompliance Code: A - Unauthorized withdrawals from replacement reserve account. Finding Resolution Status: Resolved.