FAC Explorer

Audit 35931

FY End
2022-09-30
Total Expended
$3.36M
Findings
2
Programs
2
Organization: Notre Dame De La Mer, Inc. (MS)
Year: 2022 Accepted: 2023-03-10
Auditor: McNorton Ishee & Jones PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
31531 2022-001 Significant Deficiency - P
607973 2022-001 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.95M Yes 1
14.195 Section 8 Housing Assistance Payments Program $405,530 - 0

Contacts

Name Title Type
RGM7GK2UN8Q7 Gregory Crapo Auditee
2288972280 Bill Ishee Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of Notre Dame de la Mer, HUD Project No. 065-11080-PM, under programs of the federal government for the year ended September 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of Notre Dame de la Mer, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Notre Dame de la Mer. De Minimis Rate Used: Y Rate Explanation: 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. Notre Dame de la Mer has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE PROGRAMNotre Dame de la Mer has a Section 223(F) Mortgage Loan insured by the U.S. Department of Housing and Urban Development. The mortgage loan outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Notre Dame de la Mer received no additional mortgage loans during the year. The balance of the mortgage loan outstanding at September 30, 2022 consists of:MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 2850517.

Finding Details

Finding 2022-001
U.S. Department of Housing and Urban Development Program Name: Section 223(F) Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Federal Assistance Listing Number: 14.155 Grant Number: 065-11080-PM Finding 2022-001: Other Findings Criteria In accordance with the Uniform Guidance, the project?s annual single audit reporting packages are required to be submitted in the Federal Audit Clearinghouse website in a timely manner, which is the earlier of 30 days after the auditors? report or 9 months after the project?s fiscal year end. Condition The project has not filed their prior year annual single audit reporting package in the Federal Audit Clearinghouse website. Cause The cause was not determined. Effect or Potential Effect The required submission of the project?s annual single audit reporting package has not been filed. Questioned Costs N/A Context The project engaged its auditors to file its annual single audit reporting package in the Federal Audit Clearinghouse website. However, the filing has not been completed. Repeat Finding No. Recommendation Management should ensure that the required submission of the project?s annual single audit reporting packages are filed timely. Auditor Noncompliance Code Z ? other. Finding Resolution Status Unresolved. Reporting Views of Responsible Officials Management will ensure that they submit the project?s annual single audit reporting package in the Federal Audit Clearinghouse website.
Finding 2022-001
U.S. Department of Housing and Urban Development Program Name: Section 223(F) Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Federal Assistance Listing Number: 14.155 Grant Number: 065-11080-PM Finding 2022-001: Other Findings Criteria In accordance with the Uniform Guidance, the project?s annual single audit reporting packages are required to be submitted in the Federal Audit Clearinghouse website in a timely manner, which is the earlier of 30 days after the auditors? report or 9 months after the project?s fiscal year end. Condition The project has not filed their prior year annual single audit reporting package in the Federal Audit Clearinghouse website. Cause The cause was not determined. Effect or Potential Effect The required submission of the project?s annual single audit reporting package has not been filed. Questioned Costs N/A Context The project engaged its auditors to file its annual single audit reporting package in the Federal Audit Clearinghouse website. However, the filing has not been completed. Repeat Finding No. Recommendation Management should ensure that the required submission of the project?s annual single audit reporting packages are filed timely. Auditor Noncompliance Code Z ? other. Finding Resolution Status Unresolved. Reporting Views of Responsible Officials Management will ensure that they submit the project?s annual single audit reporting package in the Federal Audit Clearinghouse website.