FAC Explorer

Audit 36209

FY End
2022-09-30
Total Expended
$1.01M
Findings
2
Programs
2
Organization: Eagle Court Apartments (MN)
Year: 2022 Accepted: 2023-06-05
Auditor: Hinrichs & Associates LTD

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
29973 2022-001 - - B
606415 2022-001 - - B

Programs

ALN Program Spent Major Findings
14.157 Section 202 Capital Advance $957,900 Yes 1
14.871 Section 8 Housing Assistance Payments $53,192 - 0

Contacts

Name Title Type
LHRLLP9HYYY4 Craig Ritter Auditee
3203020192 Bob Baker Auditor
No contacts on file

Notes to SEFA

Accounting Policies: NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. Eagle Court Apartments has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
EAGLE COURT APARTMENTS HUD PROJECT NO. 092-EE062 SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED) YEAR ENDED SEPTEMBER 30, 2022 C. Findings and Questioned Costs - Major Federal Award Programs Audit Questioned Costs DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2022-001: SECTION 202, Assistance Listing Number 14.157 Condition: The Project's security deposit liability account was underfunded at September 30, 2022. Criteria: The Project should have a security deposit cash balance in excess of the security deposit liability balance. Effect: The security deposit account was underfunded by $308. Context: The security deposit funding was tested at September 30, 2022. No sample was tested. Questioned costs $308 Cause: Management failed to recognize that the security deposit liability account was underfunded at September 30, 2022. Recommendation: The Project should carefully review the statement of financial position to make sure the security deposit liability account is funded. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will be reminded to review the tenant security deposit cash balance versus the security deposit liabilty balance on a monthly basis. Questioned Costs - Department of Housing and Urban Development $308 Non-compliance code - M
Finding 2022-001
EAGLE COURT APARTMENTS HUD PROJECT NO. 092-EE062 SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED) YEAR ENDED SEPTEMBER 30, 2022 C. Findings and Questioned Costs - Major Federal Award Programs Audit Questioned Costs DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING 2022-001: SECTION 202, Assistance Listing Number 14.157 Condition: The Project's security deposit liability account was underfunded at September 30, 2022. Criteria: The Project should have a security deposit cash balance in excess of the security deposit liability balance. Effect: The security deposit account was underfunded by $308. Context: The security deposit funding was tested at September 30, 2022. No sample was tested. Questioned costs $308 Cause: Management failed to recognize that the security deposit liability account was underfunded at September 30, 2022. Recommendation: The Project should carefully review the statement of financial position to make sure the security deposit liability account is funded. Views of Responsible Officials and Planned Corrective Actions: The Project agrees with the finding. Management will be reminded to review the tenant security deposit cash balance versus the security deposit liabilty balance on a monthly basis. Questioned Costs - Department of Housing and Urban Development $308 Non-compliance code - M