Audit 352378

FY End
2024-06-30
Total Expended
$5.62M
Findings
8
Programs
4
Organization: Edward M. Marx Apartments, Inc. (FL)
Year: 2024 Accepted: 2025-04-01

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
553791 2024-001 - Yes N
553792 2024-002 - - N
553793 2024-003 - - N
553794 2024-004 - - N
1130233 2024-001 - Yes N
1130234 2024-002 - - N
1130235 2024-003 - - N
1130236 2024-004 - - N

Programs

Contacts

Name Title Type
KB7BZ5E3LYT1 Irene Phillips Auditee
9548359200 Jennifer R. Koffman Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION 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. De Minimis Rate Used: N Rate Explanation: Edward M. Marx Apartments, 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 includes the federal award activity of Edward M. Marx Apartments, Inc., HUD Project No.071-EE244, and is presented on the accrual basis of accounting. 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 Edward M. Marx Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Edward M. Marx Apartments, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE 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. De Minimis Rate Used: N Rate Explanation: Edward M. Marx Apartments, Inc., has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Edward M. Marx Apartments, Inc., has received a HUD capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Edward M. Marx Apartments, Inc., received no additional loans during the year. The balance of the capital advance outstanding as of June 30, 2024 was $4,698,900.

Finding Details

Finding No. 2024-001: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Resolved. Information on Universe Population Size: Total assistance revenue. Sample Size Information: All monthly PRAC requests. Identification of Repeat Finding and Finding Reference Number: Yes, 2023-001. Criteria: As required by HUD regulations, applications for renewal of PRAC must be submitted at least 120 days prior to the expiration date of the contract. Statement of Condition: The Project did not submit the renewal request at least 120 days prior to the expiration date of the contract. Cause: The Project did not follow regulations for a timely contract renewal resulting in a delay of HUD funding. Effect or Potential Effect: The Project is not in compliance with HUD regulations for timely renewal of the PRAC contract resulting in the delayed receipt of HAP funds. Auditor Non-Compliance Code: R – Section 8 Program Administration. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations have been adopted. Recommendation: Management should implement procedures to ensure the Project submits PRAC renewal requests in accordance with HUD requirements. Response Indicator: Agree. Completion Date: 09/16/2024 Response: The Project agrees with the finding and the auditor’s recommendations have been adopted. The PRAC contract has since been renewed and approved for a 3-year term. Calendar reminders and deadlines have been set up to ensure timely filing in the future.
Finding No. 2024-002: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Resolved. Information on Universe Population Size: Residual receipts. Sample Size Information: Residual receipts in excess of $250 per unit. Identification of Repeat Finding and Finding Reference Number: No. Criteria: As required by HUD regulations, residual receipts account balances in excess of $250 per unit must be remitted to HUD at the PRAC expiration date. A payable should be established until the funds are remitted to HUD. Statement of Condition: The Project delayed requesting the excess residual receipts available for remittance five months beyond the PRAC expiration date, and did not establish a payable for the amount due in the amount of $23,352. Cause: The Project did not follow HUD regulations for timely requesting the excess residual receipts available for remittance, nor establish a payable for the amount due. Effect or Potential Effect: The Project is not adhering to HUD regulations for the request and remittance of excess residual receipts in a timely manner. Furthermore, the Project understated liabilities and expenses as it relates to the remittance due. Auditor Non-Compliance Code: R – Section 8 Program Admin. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations have been adopted. Recommendation: Management should keep track of the balance in the residual receipts account in excess of $250 per unit at the PRAC expiration date and ensure a timely request for remittance of the excess amount due to HUD. Furthermore, the Project should establish a payable for the amount due until payment is remitted. Response Indicator: Agree. Completion Date: 09/12/2024 Response: The Project agrees with the finding and the auditor’s recommendations have been adopted. Excess funds are monitored on a monthly basis going forward.
Finding No. 2024-003: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Unresolved. Information on Universe Population Size: All replacement reserve deposits for the year ended June 30, 2024. Sample Size Information: All replacement reserve deposits for the year ended June 30, 2024. Identification of Repeat Finding and Finding Reference Number: No. Criteria: In accordance with HUD, required monthly deposits must be made to the Project’s reserve for replacement account. Statement of Condition: The Project underfunded the account by $15,198, and did not fund the account with the correct amount on a monthly basis. Cause: The Project did not make regular monthly deposits into the replacement reserve account for approximately eight months. Effect or Potential Effect: Deficiently funded reserve for replacements. Auditor Non-Compliance Code: N – Reserve for Replacements Deposits. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendation will be adopted. Recommendation: Management should implement procedures to ensure the required monthly funding amount is deposited into the replacement reserve account monthly. Response Indicator: Agree. Completion Date: 06/30/2025 Response: The Project agrees with the finding and the auditor’s recommendations will be adopted. Deposits are made on a monthly basis with balances being monitored by property leadership and accounting. Total Questioned Costs – Department of Housing and Urban Development $15,198
Finding No. 2024-004: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Unresolved. Information on Universe Population Size: Thirty-three tenants. Sample Size Information: Five tenants. Identification of Repeat Finding and Finding Reference Number: No. Criteria: HUD regulations require all initial and ongoing tenant eligibility documentation to be appropriately executed and maintained, timely verification of tenant’s income through the use of Enterprise Income Verification (EIV) reports with the corresponding documentation maintained, and the timely submitted HAP requests to include all eligible tenants. Statement of Condition: Of the tenant files selected: one tenant did not have a background check ran prior to the date of move-in; three tenants did not have verification of their income through the use of EIV reports within the 90-day requirement; and one tenant eligible for PRAC was excluded from all monthly HAP requests since moving in during August 2023. Cause: The Project did not obtain tenant related reports in accordance with HUD requirements, maintain appropriate tenant eligibility documentation as required by HUD, nor include a tenant on the monthly HAP requests. Effect or Potential Effect: Unable to verify tenant eligibility and cost of assistance may be disallowed. The Project did not receive PRAC funds that it was entitled to. Auditor Non-Compliance Code: R – Section 8 Program Admin. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendation will be adopted. Recommendation: Management should ensure that initial and ongoing tenant eligibility documentation is obtained timely and appropriately maintained, tenant eligibility is verified, and all tenants eligible to receive PRAC are included on the monthly HAP requests. Response Indicator: Agree. Completion Date: 06/30/2025 Response: Monthly reminders are being sent to all managers to run their tenant reports to maintain eligibility. In addition, random files are being reviewed by compliance to ensure all required documentation is completed.
Finding No. 2024-001: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Resolved. Information on Universe Population Size: Total assistance revenue. Sample Size Information: All monthly PRAC requests. Identification of Repeat Finding and Finding Reference Number: Yes, 2023-001. Criteria: As required by HUD regulations, applications for renewal of PRAC must be submitted at least 120 days prior to the expiration date of the contract. Statement of Condition: The Project did not submit the renewal request at least 120 days prior to the expiration date of the contract. Cause: The Project did not follow regulations for a timely contract renewal resulting in a delay of HUD funding. Effect or Potential Effect: The Project is not in compliance with HUD regulations for timely renewal of the PRAC contract resulting in the delayed receipt of HAP funds. Auditor Non-Compliance Code: R – Section 8 Program Administration. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations have been adopted. Recommendation: Management should implement procedures to ensure the Project submits PRAC renewal requests in accordance with HUD requirements. Response Indicator: Agree. Completion Date: 09/16/2024 Response: The Project agrees with the finding and the auditor’s recommendations have been adopted. The PRAC contract has since been renewed and approved for a 3-year term. Calendar reminders and deadlines have been set up to ensure timely filing in the future.
Finding No. 2024-002: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Resolved. Information on Universe Population Size: Residual receipts. Sample Size Information: Residual receipts in excess of $250 per unit. Identification of Repeat Finding and Finding Reference Number: No. Criteria: As required by HUD regulations, residual receipts account balances in excess of $250 per unit must be remitted to HUD at the PRAC expiration date. A payable should be established until the funds are remitted to HUD. Statement of Condition: The Project delayed requesting the excess residual receipts available for remittance five months beyond the PRAC expiration date, and did not establish a payable for the amount due in the amount of $23,352. Cause: The Project did not follow HUD regulations for timely requesting the excess residual receipts available for remittance, nor establish a payable for the amount due. Effect or Potential Effect: The Project is not adhering to HUD regulations for the request and remittance of excess residual receipts in a timely manner. Furthermore, the Project understated liabilities and expenses as it relates to the remittance due. Auditor Non-Compliance Code: R – Section 8 Program Admin. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations have been adopted. Recommendation: Management should keep track of the balance in the residual receipts account in excess of $250 per unit at the PRAC expiration date and ensure a timely request for remittance of the excess amount due to HUD. Furthermore, the Project should establish a payable for the amount due until payment is remitted. Response Indicator: Agree. Completion Date: 09/12/2024 Response: The Project agrees with the finding and the auditor’s recommendations have been adopted. Excess funds are monitored on a monthly basis going forward.
Finding No. 2024-003: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Unresolved. Information on Universe Population Size: All replacement reserve deposits for the year ended June 30, 2024. Sample Size Information: All replacement reserve deposits for the year ended June 30, 2024. Identification of Repeat Finding and Finding Reference Number: No. Criteria: In accordance with HUD, required monthly deposits must be made to the Project’s reserve for replacement account. Statement of Condition: The Project underfunded the account by $15,198, and did not fund the account with the correct amount on a monthly basis. Cause: The Project did not make regular monthly deposits into the replacement reserve account for approximately eight months. Effect or Potential Effect: Deficiently funded reserve for replacements. Auditor Non-Compliance Code: N – Reserve for Replacements Deposits. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendation will be adopted. Recommendation: Management should implement procedures to ensure the required monthly funding amount is deposited into the replacement reserve account monthly. Response Indicator: Agree. Completion Date: 06/30/2025 Response: The Project agrees with the finding and the auditor’s recommendations will be adopted. Deposits are made on a monthly basis with balances being monitored by property leadership and accounting. Total Questioned Costs – Department of Housing and Urban Development $15,198
Finding No. 2024-004: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Unresolved. Information on Universe Population Size: Thirty-three tenants. Sample Size Information: Five tenants. Identification of Repeat Finding and Finding Reference Number: No. Criteria: HUD regulations require all initial and ongoing tenant eligibility documentation to be appropriately executed and maintained, timely verification of tenant’s income through the use of Enterprise Income Verification (EIV) reports with the corresponding documentation maintained, and the timely submitted HAP requests to include all eligible tenants. Statement of Condition: Of the tenant files selected: one tenant did not have a background check ran prior to the date of move-in; three tenants did not have verification of their income through the use of EIV reports within the 90-day requirement; and one tenant eligible for PRAC was excluded from all monthly HAP requests since moving in during August 2023. Cause: The Project did not obtain tenant related reports in accordance with HUD requirements, maintain appropriate tenant eligibility documentation as required by HUD, nor include a tenant on the monthly HAP requests. Effect or Potential Effect: Unable to verify tenant eligibility and cost of assistance may be disallowed. The Project did not receive PRAC funds that it was entitled to. Auditor Non-Compliance Code: R – Section 8 Program Admin. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendation will be adopted. Recommendation: Management should ensure that initial and ongoing tenant eligibility documentation is obtained timely and appropriately maintained, tenant eligibility is verified, and all tenants eligible to receive PRAC are included on the monthly HAP requests. Response Indicator: Agree. Completion Date: 06/30/2025 Response: Monthly reminders are being sent to all managers to run their tenant reports to maintain eligibility. In addition, random files are being reviewed by compliance to ensure all required documentation is completed.