FAC Explorer

Audit 361410

FY End
2024-06-30
Total Expended
$6.29M
Findings
4
Programs
2
Organization: Gulf Coast Heron Housing, INC (FL)
Year: 2024 Accepted: 2025-07-03
Auditor: Rsm US LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
570440 2024-001 Significant Deficiency - L
570441 2024-001 Significant Deficiency - L
1146882 2024-001 Significant Deficiency - L
1146883 2024-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $5.69M Yes 1
14.195 Project-Based Rental Assistance (pbra) $592,764 - 1

Contacts

Name Title Type
ESMAD1PQ6FL4 Anthony Saccento Auditee
7279441647 Bo Brault 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 as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Project did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Gulf Coast Heron Housing, Inc. (the Project) under programs of the federal government for the year ended June 30, 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 (Uniform Guidance). Because this 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 as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Project did not elect to use the 10% de minimis indirect cost rate allowed by 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 as to 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 as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Project did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance. The Project did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
Title: Note 4 - Loans 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 as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Project did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance. The Project had the following loan balances at June 30, 2024: Assistance Listing Number 14.157 – Supportive Housing for the Elderly - Section 202 Direct Loan. Original Loan Amount: $5,693,300; Balance of the outstanding loan as of June 30, 2023: $5,693,300; Additional Loan Funding(Payments Made): $-; Balance at June 30, 2024: $5,693,300.

Finding Details

Finding 2024-001
Other Matter Noncompliance – Reporting and Significant Deficiency Agency and Award: U.S. Department of Housing and Urban Development ALN Number: 14.157, Supportive Housing for the Elderly and 14.195, Section 8 Housing Assistance Payments Program Nonmaterial Noncompliance – Reporting Criteria: Under the Uniform Guidance, Section 200.512, Report Submission, the audit must be completed and the data collection form and single audit reporting package must be submitted to the Federal Audit Clearinghouse (FAC) within the earlier or 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period. Additionally, internal controls pertaining to monthly and year-end close processes should include procedures to ensure all supporting schedules are prepared and reviewed timely ensuring timely audits and compliance with the Committee of Sponsoring Organizations (COSO) framework. Condition: The audit of the Project for the year ended June 30, 2024, had a submission deadline of March 31, 2025. The Project’s June 30, 2024 Single Audit Package was not submitted to the FAC by the deadline of March 31, 2025. Cause: Significant delays stemming from the Project’s year-end closing process extended over a prolonged period due to staffing challenges. As a result, delays in the completion of the audit result in required audit procedures and ultimate completion date to extend beyond the regulatory deadline. Effect or Potential Effect: The late filing could potentially delay the ability of the federal government to monitor the Project. Context: No monetary value or effect on population as the condition relates to the late filing of the audit report. Questioned costs: None Repeat finding: No Recommendation: We recommend that management implement procedures and controls to ensure that all activity is properly reconciled on a timely basis so that future audits are completed timely. Views of responsible officials of the auditee: Management agrees with the finding and recommendation.
Finding 2024-001
Other Matter Noncompliance – Reporting and Significant Deficiency Agency and Award: U.S. Department of Housing and Urban Development ALN Number: 14.157, Supportive Housing for the Elderly and 14.195, Section 8 Housing Assistance Payments Program Nonmaterial Noncompliance – Reporting Criteria: Under the Uniform Guidance, Section 200.512, Report Submission, the audit must be completed and the data collection form and single audit reporting package must be submitted to the Federal Audit Clearinghouse (FAC) within the earlier or 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period. Additionally, internal controls pertaining to monthly and year-end close processes should include procedures to ensure all supporting schedules are prepared and reviewed timely ensuring timely audits and compliance with the Committee of Sponsoring Organizations (COSO) framework. Condition: The audit of the Project for the year ended June 30, 2024, had a submission deadline of March 31, 2025. The Project’s June 30, 2024 Single Audit Package was not submitted to the FAC by the deadline of March 31, 2025. Cause: Significant delays stemming from the Project’s year-end closing process extended over a prolonged period due to staffing challenges. As a result, delays in the completion of the audit result in required audit procedures and ultimate completion date to extend beyond the regulatory deadline. Effect or Potential Effect: The late filing could potentially delay the ability of the federal government to monitor the Project. Context: No monetary value or effect on population as the condition relates to the late filing of the audit report. Questioned costs: None Repeat finding: No Recommendation: We recommend that management implement procedures and controls to ensure that all activity is properly reconciled on a timely basis so that future audits are completed timely. Views of responsible officials of the auditee: Management agrees with the finding and recommendation.
Finding 2024-001
Other Matter Noncompliance – Reporting and Significant Deficiency Agency and Award: U.S. Department of Housing and Urban Development ALN Number: 14.157, Supportive Housing for the Elderly and 14.195, Section 8 Housing Assistance Payments Program Nonmaterial Noncompliance – Reporting Criteria: Under the Uniform Guidance, Section 200.512, Report Submission, the audit must be completed and the data collection form and single audit reporting package must be submitted to the Federal Audit Clearinghouse (FAC) within the earlier or 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period. Additionally, internal controls pertaining to monthly and year-end close processes should include procedures to ensure all supporting schedules are prepared and reviewed timely ensuring timely audits and compliance with the Committee of Sponsoring Organizations (COSO) framework. Condition: The audit of the Project for the year ended June 30, 2024, had a submission deadline of March 31, 2025. The Project’s June 30, 2024 Single Audit Package was not submitted to the FAC by the deadline of March 31, 2025. Cause: Significant delays stemming from the Project’s year-end closing process extended over a prolonged period due to staffing challenges. As a result, delays in the completion of the audit result in required audit procedures and ultimate completion date to extend beyond the regulatory deadline. Effect or Potential Effect: The late filing could potentially delay the ability of the federal government to monitor the Project. Context: No monetary value or effect on population as the condition relates to the late filing of the audit report. Questioned costs: None Repeat finding: No Recommendation: We recommend that management implement procedures and controls to ensure that all activity is properly reconciled on a timely basis so that future audits are completed timely. Views of responsible officials of the auditee: Management agrees with the finding and recommendation.
Finding 2024-001
Other Matter Noncompliance – Reporting and Significant Deficiency Agency and Award: U.S. Department of Housing and Urban Development ALN Number: 14.157, Supportive Housing for the Elderly and 14.195, Section 8 Housing Assistance Payments Program Nonmaterial Noncompliance – Reporting Criteria: Under the Uniform Guidance, Section 200.512, Report Submission, the audit must be completed and the data collection form and single audit reporting package must be submitted to the Federal Audit Clearinghouse (FAC) within the earlier or 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period. Additionally, internal controls pertaining to monthly and year-end close processes should include procedures to ensure all supporting schedules are prepared and reviewed timely ensuring timely audits and compliance with the Committee of Sponsoring Organizations (COSO) framework. Condition: The audit of the Project for the year ended June 30, 2024, had a submission deadline of March 31, 2025. The Project’s June 30, 2024 Single Audit Package was not submitted to the FAC by the deadline of March 31, 2025. Cause: Significant delays stemming from the Project’s year-end closing process extended over a prolonged period due to staffing challenges. As a result, delays in the completion of the audit result in required audit procedures and ultimate completion date to extend beyond the regulatory deadline. Effect or Potential Effect: The late filing could potentially delay the ability of the federal government to monitor the Project. Context: No monetary value or effect on population as the condition relates to the late filing of the audit report. Questioned costs: None Repeat finding: No Recommendation: We recommend that management implement procedures and controls to ensure that all activity is properly reconciled on a timely basis so that future audits are completed timely. Views of responsible officials of the auditee: Management agrees with the finding and recommendation.