FAC Explorer

Audit 352567

FY End
2024-12-31
Total Expended
$5.32M
Findings
2
Programs
3
Organization: Spotswood Reformed Church Senior Citizen's Housing Corp. (NJ)
Year: 2024 Accepted: 2025-04-03
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
553916 2024-001 Significant Deficiency - P
1130358 2024-001 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
14.188 Housing Finance Agencies (hfa) Risk Sharing $3.28M Yes 1
14.195 Project-Based Rental Assistance (pbra) $1.94M - 0
14.191 Multifamily Housing Service Coordinators $102,211 - 0

Contacts

Name Title Type
M4Q2HFV7GYJ1 Linda Soley Auditee
7322513242 Tara Del Gavio Auditor
No contacts on file

Notes to SEFA

Title: SUBRECIPIENTS Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Spotswood Reformed Church Senior Citizens Housing Corp. HUD Project No. 031-11066 (the Project), 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: N Rate Explanation: During the year ended December 31, 2024, the Project did not provide any funds relating to its federal program to subrecipients. During the year ended December 31, 2024, the Project did not provide any funds relating to its federal program to subrecipients.
Title: LOAN AND LOAN GUARANTEE PROGRAMS Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Spotswood Reformed Church Senior Citizens Housing Corp. HUD Project No. 031-11066 (the Project), 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: N Rate Explanation: During the year ended December 31, 2024, the Project did not provide any funds relating to its federal program to subrecipients. As of December 31, 2024, $3,082,236 was outstanding on the federal loan program.

Finding Details

Finding 2024-001
Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: Housing Finance Agencies (HFA) Risk Sharing Assistance Listing Number: 14.188 Federal Award Identification Number and Year: 2024 Award Period: 01/01/2024 – 12/31/2024 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Management of the Project is responsible for complying with laws and regulations. Any surplus funds in the project funds account at the end of the year shall be deposited into a federally insured account within 90 days following the end of the year. Condition: The Project did not remit the prior year's surplus cash balance of $32,962 to the residual receipts account within 90 days following the end of the prior year. Questioned costs: None Cause: The Project did not remit the prior year's surplus cash into the residual receipts account within 90 days following the end of the year. Effect: The Project owed the residual receipts account $32,962 at year-end. Recommendation: We recommend that management review the surplus calculation at year-end and ensure that any excess is deposited into the residual receipts account within 90 days following the end of the year. Views of responsible officials and planned corrective actions: Management remitted the prior year’s surplus cash in May 2024, over 90 days after year-end. Management will continue to calculate and review the surplus cash calculation to ensure that deposits to the residual receipts account are made timely.
Finding 2024-001
Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: Housing Finance Agencies (HFA) Risk Sharing Assistance Listing Number: 14.188 Federal Award Identification Number and Year: 2024 Award Period: 01/01/2024 – 12/31/2024 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Management of the Project is responsible for complying with laws and regulations. Any surplus funds in the project funds account at the end of the year shall be deposited into a federally insured account within 90 days following the end of the year. Condition: The Project did not remit the prior year's surplus cash balance of $32,962 to the residual receipts account within 90 days following the end of the prior year. Questioned costs: None Cause: The Project did not remit the prior year's surplus cash into the residual receipts account within 90 days following the end of the year. Effect: The Project owed the residual receipts account $32,962 at year-end. Recommendation: We recommend that management review the surplus calculation at year-end and ensure that any excess is deposited into the residual receipts account within 90 days following the end of the year. Views of responsible officials and planned corrective actions: Management remitted the prior year’s surplus cash in May 2024, over 90 days after year-end. Management will continue to calculate and review the surplus cash calculation to ensure that deposits to the residual receipts account are made timely.