FAC Explorer

Audit 352863

FY End
2024-06-30
Total Expended
$2.33M
Findings
4
Programs
1
Organization: Hickory Lane One, INC (MD)
Year: 2024 Accepted: 2025-04-07
Auditor: Tidwell Group LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
554283 2024-001 - Yes N
554284 2024-002 - Yes N
1130725 2024-001 - Yes N
1130726 2024-002 - Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $75,159 - 0

Contacts

Name Title Type
T4H8FPNGNJR5 Joyce M. Schuldt Auditee
4105467752 Sean Hutton Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: (a) 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. (b) Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. (c) The outstanding balance of loan and loan guarantee programs at June 30, 2024 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $2,251,200. De Minimis Rate Used: N Rate Explanation: Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Hickory Lane One, Inc. 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.

Finding Details

Finding 2024-001
2024-1 14.157 Supportive housing for the elderly Federal Award Finding In process N/A N/A No The Regulatory Agreement requires monthly deposits to the Replacement Reserve account. The Corporation did not make the required deposits to the Replacement Reserve account. Lack of cash flow due to lack of receipt of rental assistance payments. The Project's Replacement Reserve account is underfunded and is not compliant with the Regulatory Agreement. N - Reserve for Replacements Deposits 052-EE035 $11,668 The Corporation, despite multiple efforts from management, did not receive the rental assistance payments from HUD during the year and thus did not have the cash flow to be able to make the deposits to the Replacement Reserve account in the amount of $11,668. The Corporation should deposit $11,668 into the Replacement Reserve account as cash flow permits.
Finding 2024-002
39 - 2024-2 14.157 Supportive housing for the elderly Federal Award Finding In process N/A N/A No The Regulatory Agreement requires surplus cash to be deposited to the Residual Receipt account when there is prior year surplus cash deposit due. The Corporation did not make the required deposit to the Residual Receipts account. Lack of cash flow due to lack of receipt of rental assistance payments. The Project's Residual Receipts account is underfunded and is not compliant with the Regulatory Agreement. N - Residual Receipts Deposits 052-EE035 $76,955 The Corporation, despite multiple efforts from management, did not receive the rental assistance payments from HUD during the year and thus did not have the cash flow to be able to make the deposits to the Residual Receipt account in the amount of $76,955. The Corporation should deposit $76,955 into the Residual Receipts account.
Finding 2024-001
2024-1 14.157 Supportive housing for the elderly Federal Award Finding In process N/A N/A No The Regulatory Agreement requires monthly deposits to the Replacement Reserve account. The Corporation did not make the required deposits to the Replacement Reserve account. Lack of cash flow due to lack of receipt of rental assistance payments. The Project's Replacement Reserve account is underfunded and is not compliant with the Regulatory Agreement. N - Reserve for Replacements Deposits 052-EE035 $11,668 The Corporation, despite multiple efforts from management, did not receive the rental assistance payments from HUD during the year and thus did not have the cash flow to be able to make the deposits to the Replacement Reserve account in the amount of $11,668. The Corporation should deposit $11,668 into the Replacement Reserve account as cash flow permits.
Finding 2024-002
39 - 2024-2 14.157 Supportive housing for the elderly Federal Award Finding In process N/A N/A No The Regulatory Agreement requires surplus cash to be deposited to the Residual Receipt account when there is prior year surplus cash deposit due. The Corporation did not make the required deposit to the Residual Receipts account. Lack of cash flow due to lack of receipt of rental assistance payments. The Project's Residual Receipts account is underfunded and is not compliant with the Regulatory Agreement. N - Residual Receipts Deposits 052-EE035 $76,955 The Corporation, despite multiple efforts from management, did not receive the rental assistance payments from HUD during the year and thus did not have the cash flow to be able to make the deposits to the Residual Receipt account in the amount of $76,955. The Corporation should deposit $76,955 into the Residual Receipts account.