FAC Explorer

Audit 354441

FY End
2024-12-31
Total Expended
$1.67M
Findings
2
Programs
1
Organization: Cardinals Peak, Inc. (OH)
Year: 2024 Accepted: 2025-04-24
Auditor: Maloney + Novotny LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
555765 2024-001 - - N
1132207 2024-001 - - N

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $1.67M Yes 1

Contacts

Name Title Type
E9U3KLN3P6W7 Michelle Marshall Auditee
3303153708 Allen Waddle Auditor
No contacts on file

Notes to SEFA

Title: Note 1. 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 in reimbursement. De Minimis Rate Used: N Rate Explanation: The Project has elected not to use the 10% 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 Cardinal's Peak, Inc. (the "Project") under programs of the federal government for the year ended December 31, 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
Title: Note 2. Summary of Significant Accounting Policies 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 in reimbursement. De Minimis Rate Used: N Rate Explanation: The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. 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 in reimbursement.
Title: Note 3. Indirect Cost Rate 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 in reimbursement. De Minimis Rate Used: N Rate Explanation: The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4. U.S. Department of Housing and Urban Development Capital Advance Program 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 in reimbursement. De Minimis Rate Used: N Rate Explanation: The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Project has received a U.S. Department of Housing and Urban Development direct loan under Section 811 of the National Housing Act. The direct loan amount at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at December 31, 2024 was $1,613,400.

Finding Details

Finding 2024-001
Criteria: 2 CFR section 200.512(a) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 calendar days after the reports are received from the auditors or nine months after then end of the audit period. Condition: The reporting package and data collection form were not submitted to the Federal Audit Clearinghouse within 30 days after the reports were received from the auditors. Cause: Management was not aware that this requirement was in effect for this year. Effect: The reporting package and data collection form were submitted late. Recommendation: We recommend management ensure policies and procedures are in place to timely submit the reporting package and data collection form to the Federal Audit Clearinghouse. View of Responsible Officials: Management agrees with the finding and will ensure the reporting package and data collection form are submitted timely in the future.
Finding 2024-001
Criteria: 2 CFR section 200.512(a) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 calendar days after the reports are received from the auditors or nine months after then end of the audit period. Condition: The reporting package and data collection form were not submitted to the Federal Audit Clearinghouse within 30 days after the reports were received from the auditors. Cause: Management was not aware that this requirement was in effect for this year. Effect: The reporting package and data collection form were submitted late. Recommendation: We recommend management ensure policies and procedures are in place to timely submit the reporting package and data collection form to the Federal Audit Clearinghouse. View of Responsible Officials: Management agrees with the finding and will ensure the reporting package and data collection form are submitted timely in the future.