FAC Explorer

Audit 356583

FY End
2024-12-31
Total Expended
$1.17M
Findings
2
Programs
4
Organization: Edgerton Retirement Apartments Inc. (WI)
Year: 2024 Accepted: 2025-05-19
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
560829 2024-002 Significant Deficiency - I
1137271 2024-002 Significant Deficiency - I

Programs

ALN Program Spent Major Findings
10.447 Rural Multi-Family Housing Revitalization Demonstration Program (mpr) $883,844 Yes 1
10.415 Rural Rental Housing Loans $138,629 - 0
14.239 Home Investment Partnerships Program $112,847 - 0
10.427 Rural Rental Assistance Payments $32,949 - 0

Contacts

Name Title Type
TEU3WUKBT987 Kathy Olson Auditee
6082221981 Dawn Yarrington Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Edgerton Retirement Apartments 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 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. De Minimis Rate Used: N Rate Explanation: Edgerton Retirement Apartments Inc. does not charge any indirect costs to this grant and does not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards includes the federal grant activity of Edgerton Retirement Apartments 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 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.
Title: END OF-YEAR-LOAN BALANCE Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Edgerton Retirement Apartments 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 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. De Minimis Rate Used: N Rate Explanation: Edgerton Retirement Apartments Inc. does not charge any indirect costs to this grant and does not use the de minimis cost rate. The loan balances as of December 31, 2024 were as follows: Rural Rental Housing Loans - $140,060 Rural Development Multi-Family Housing Revitalization Demonstration Program (MPR) $883,884 Home Investment Partnership Program (Rock County Housing Authority) - $112,847
Title: DE MINIMIS COST RATE Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Edgerton Retirement Apartments 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 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. De Minimis Rate Used: N Rate Explanation: Edgerton Retirement Apartments Inc. does not charge any indirect costs to this grant and does not use the de minimis cost rate. Edgerton Retirement Apartments Inc. does not charge any indirect costs to this grant and does not use the de minimis cost rate.
Title: SUBRECIPIENT PAYMENTS Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Edgerton Retirement Apartments 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 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. De Minimis Rate Used: N Rate Explanation: Edgerton Retirement Apartments Inc. does not charge any indirect costs to this grant and does not use the de minimis cost rate. Edgerton Retirement Apartments Inc. did not make any subrecipient payments during the year ended December 31, 2024.

Finding Details

Finding 2024-002
Federal Agency: U.S. Department of Agriculture Federal Program Title: Rural Development Multi-Family Housing Revitalization Demonstration Program Assistance Listing Number: 10.447 Award Period: 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Procurement standards require a policy in place to be followed to endure entities are properly procuring goods and services and to ensure vendors and contractors are not suspended or debarred. Condition: During procurement and suspension and debarment testing, it was noted that the Organization does not have federal procurement policy that included a conflict of interest policy and other federal requirements. Questioned costs: None Context: Procurement transactions tested followed Rural Development’s policies Cause: The Organization does not have an approved federal procurement policy. Effect: It could cause the Organization to be out of compliance with federal requirements over procurement. Repeat finding: No Recommendation: We recommend that Organization approve a federal procurement policy and implement controls to ensure it is being followed. Views of responsible officials and planned corrective actions: There is no disagreement with the finding.
Finding 2024-002
Federal Agency: U.S. Department of Agriculture Federal Program Title: Rural Development Multi-Family Housing Revitalization Demonstration Program Assistance Listing Number: 10.447 Award Period: 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Procurement standards require a policy in place to be followed to endure entities are properly procuring goods and services and to ensure vendors and contractors are not suspended or debarred. Condition: During procurement and suspension and debarment testing, it was noted that the Organization does not have federal procurement policy that included a conflict of interest policy and other federal requirements. Questioned costs: None Context: Procurement transactions tested followed Rural Development’s policies Cause: The Organization does not have an approved federal procurement policy. Effect: It could cause the Organization to be out of compliance with federal requirements over procurement. Repeat finding: No Recommendation: We recommend that Organization approve a federal procurement policy and implement controls to ensure it is being followed. Views of responsible officials and planned corrective actions: There is no disagreement with the finding.