FAC Explorer

Audit 361887

FY End
2024-12-31
Total Expended
$4.08M
Findings
2
Programs
1
Organization: Thf Highland Oaks Holdings, LLC (TX)
Year: 2024 Accepted: 2025-07-10
Auditor: Dauby O'Connor & Zaleski LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
570921 2024-001 Significant Deficiency - P
1147363 2024-001 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $4.08M Yes 1

Contacts

Name Title Type
TXZNNR7ML873 Allison Milliorn Auditee
8306938100 James Wolf Auditor
No contacts on file

Notes to SEFA

Title: Note 1 Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate. The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
Title: Note 2 Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate. The Company has elected to not use the 10% de minimis cost rate.
Title: Note 3 Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate. The balance of the mortgage note payable at December 31, 2024 is $4,004,050.

Finding Details

Finding 2024-001
Finding reference number: 2024-001 Assistance Listing (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA N0. 14.155 (Project identification number 115-11319, 2020) Auditor non-compliance code: Z – Other Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding Sample size population: The sample size is not applicable to the finding Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2024-001: For the year ended December 31, 2024, the Company did not submit the Data Collection Form (SF-SAC) to the Federal Audit Clearinghouse in the time period required by Uniform Guidance Section 2 CFR 200.512. Criteria: Pursuant to Uniform Guidance Section 2 CFR 200.512, the Company is required to submit the Data Collection Form to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report or 9 months after the end of the audit period. Effect: The Company is not in compliance with Uniform Guidance Section 2 CFR 200.512. Cause: The Company did not submit the Data Collection Form within the required time period due to oversight. Recommendation: The Company should submit the Data Collection Form to the Federal Audit Clearinghouse within the required time period. Management's response: Management concurs with the finding and agrees with the auditor's recommendation. The Data Collection Form was submitted to the Federal Audit Clearinghouse on May 10, 2024 and management will submit the Data Collection Form timely going forward.
Finding 2024-001
Finding reference number: 2024-001 Assistance Listing (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, CFDA N0. 14.155 (Project identification number 115-11319, 2020) Auditor non-compliance code: Z – Other Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding Sample size population: The sample size is not applicable to the finding Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2024-001: For the year ended December 31, 2024, the Company did not submit the Data Collection Form (SF-SAC) to the Federal Audit Clearinghouse in the time period required by Uniform Guidance Section 2 CFR 200.512. Criteria: Pursuant to Uniform Guidance Section 2 CFR 200.512, the Company is required to submit the Data Collection Form to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report or 9 months after the end of the audit period. Effect: The Company is not in compliance with Uniform Guidance Section 2 CFR 200.512. Cause: The Company did not submit the Data Collection Form within the required time period due to oversight. Recommendation: The Company should submit the Data Collection Form to the Federal Audit Clearinghouse within the required time period. Management's response: Management concurs with the finding and agrees with the auditor's recommendation. The Data Collection Form was submitted to the Federal Audit Clearinghouse on May 10, 2024 and management will submit the Data Collection Form timely going forward.