FAC Explorer

Audit 361975

FY End
2024-12-31
Total Expended
$3.59M
Findings
2
Programs
3
Organization: Mrc Crestview Terrace (TX)
Year: 2024 Accepted: 2025-07-11
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
571015 2024-001 Significant Deficiency - N
1147457 2024-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.38M Yes 1
14.195 Project-Based Rental Assistance (pbra) $1.16M Yes 0
14.191 Multifamily Housing Service Coordinators $41,810 - 0

Contacts

Name Title Type
NJ4FTSY1T3C1 Don Stephens Auditee
2812100138 Michael Siegel Auditor
No contacts on file

Notes to SEFA

Title: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: Y Rate Explanation: MRC Crestview Terrace has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of MRC Crestview Place under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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 MRC Crestview Place, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of MRC Crestview Place.

Finding Details

Finding 2024-001
Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Surplus cash payments must be made to the residual receipts account. Condition: The Project made the 2024 surplus cash payment to the reserve for replacement account instead of the residual receipts account. Questioned costs: $38,536 Context: During the audit, it was determined that the Project deposited the 2024 surplus cash payment into the wrong account. Cause: Management oversight. Effect: The 2024 surplus cash deposit was made into the reserve for replacement account instead of the residual receipts account. Repeat finding: No Recommendation: We recommend that management check which accounts it is making payments to. Views of responsible officials: Management agrees. Subsequent to year-end, the 2024 surplus cash payment was transferred to the residual receipt account.
Finding 2024-001
Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Surplus cash payments must be made to the residual receipts account. Condition: The Project made the 2024 surplus cash payment to the reserve for replacement account instead of the residual receipts account. Questioned costs: $38,536 Context: During the audit, it was determined that the Project deposited the 2024 surplus cash payment into the wrong account. Cause: Management oversight. Effect: The 2024 surplus cash deposit was made into the reserve for replacement account instead of the residual receipts account. Repeat finding: No Recommendation: We recommend that management check which accounts it is making payments to. Views of responsible officials: Management agrees. Subsequent to year-end, the 2024 surplus cash payment was transferred to the residual receipt account.