FAC Explorer

Audit 354569

FY End
2023-12-31
Total Expended
$1.96M
Findings
2
Programs
2
Organization: Bethany Housing Corporation (CT)
Year: 2023 Accepted: 2025-04-25
Auditor: Hoyt Filippetti & Malaghan LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
555912 2023-001 - Yes P
1132354 2023-001 - Yes P

Programs

ALN Program Spent Major Findings
10.415 Rural Rental Housing Loans $1.80M Yes 1
10.427 Rural Rental Assistance Payments $164,159 - 0

Contacts

Name Title Type
FHDEXA2FAPM4 Paula Tracy Auditee
8603985425 Nicole Berger-Burns Auditor
No contacts on file

Notes to SEFA

Title: A - ACCOUNTING BASIS Accounting Policies: The accounting policies of Bethany Housing Corporation d/b/a Reilly Manor conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: Bethany Housing Corporation d/b/a Reilly Manor has not elected to use the 10% de Minimis indirect cost rate. BASIC FINANCIAL STATEMENTS The accounting policies of Bethany Housing Corporation d/b/a Reilly Manor conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
Title: A - ACCOUNTING BASIS Accounting Policies: The accounting policies of Bethany Housing Corporation d/b/a Reilly Manor conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: Bethany Housing Corporation d/b/a Reilly Manor has not elected to use the 10% de Minimis indirect cost rate. SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards 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). For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period. Bethany Housing Corporation d/b/a Reilly Manor has not elected to use the 10% de Minimis indirect cost rate. The December 31, 2023 ending balances of the U.S. Department of Agriculture loans included on the accompanying schedule of expenditures of federal awards was $1,770,084.

Finding Details

Finding 2023-001
OTHER MATTERS 2023-001 BOARD OVERSIGHT Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During out audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board will work to meet on a more regular basis.
Finding 2023-001
OTHER MATTERS 2023-001 BOARD OVERSIGHT Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During out audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board will work to meet on a more regular basis.