FAC Explorer

Audit 364876

FY End
2024-12-31
Total Expended
$4.21M
Findings
2
Programs
3
Organization: Mdbm - Epsilon Senior Housing Corporation (MI)
Year: 2024 Accepted: 2025-08-25
Auditor: Boisvenu & Company PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
574614 2024-001 - - N
1151056 2024-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $3.12M Yes 1
14.195 Project-Based Rental Assistance (pbra) $1.08M Yes 0
14.191 Multifamily Housing Service Coordinators $15,519 - 0

Contacts

Name Title Type
JK8KKNNJD4U4 Elizabeth Goleski Auditee
2486266100 Michael Boisvenu Auditor
No contacts on file

Notes to SEFA

Title: 3. FEDERAL LOAN PROGRAM AWARD Accounting Policies: 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION 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. The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of MDBM – Epsilon Senior Housing Corporation 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 Title 2 U.S. Code of Federal Regulations (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 MDBM – Epsilon Senior Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of MDBM – Epsilon Senior Housing Corporation. De Minimis Rate Used: N Rate Explanation: 2. INDIRECT COST RATE MDBM – Epsilon Senior Housing Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Epsilon Project has a Federal loan program award. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Epsilon Project received no additional Federal award loans during the year. The loan balance outstanding at December 31, 2024 consists of: Supportive Housing for the Elderly (Section 202)(CFDA Number 14.157) Outstanding Balance at December 31, 2023 = $2,1911,445
Title: 4. SUBRECIPIENTS Accounting Policies: 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION 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. The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of MDBM – Epsilon Senior Housing Corporation 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 Title 2 U.S. Code of Federal Regulations (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 MDBM – Epsilon Senior Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of MDBM – Epsilon Senior Housing Corporation. De Minimis Rate Used: N Rate Explanation: 2. INDIRECT COST RATE MDBM – Epsilon Senior Housing Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. There were no awards passed through to subrecipients.

Finding Details

Finding 2024-001
Compliance Requirement: Special Tests and Provisions – Residual Receipts Funds Condition: The fiscal year December 31, 2023 residual receipts deposit was not made into the residual receipts account. Criteria: Following the expiration of the fiscal year, a deposit shall be made in an amount equal to the annual computation of surplus cash within 60 days following the end of the fiscal year (24 CFR section 891.600(e)). Therefore, the fiscal year end December 31, 2023 deposit should be made by February 29, 2024. Cause/Effect: Management did not deposit the residual receipts within the 60 day due date. As a result, MDBM – Epsilon Senior Housing Corporation is not in compliance with the Regulatory Agreement. Questioned Cost: Undetermined Recommendation: Every effort should be made to comply with the residual receipts requirement to make deposits into the account within 60 days following the end of the fiscal year or request waivers by the due date. Views of Responsible Officials and Planned Corrective Actions: Every effort will be made to establish and implement controls to assure that deposits are made within the 60 day allotted period.
Finding 2024-001
Compliance Requirement: Special Tests and Provisions – Residual Receipts Funds Condition: The fiscal year December 31, 2023 residual receipts deposit was not made into the residual receipts account. Criteria: Following the expiration of the fiscal year, a deposit shall be made in an amount equal to the annual computation of surplus cash within 60 days following the end of the fiscal year (24 CFR section 891.600(e)). Therefore, the fiscal year end December 31, 2023 deposit should be made by February 29, 2024. Cause/Effect: Management did not deposit the residual receipts within the 60 day due date. As a result, MDBM – Epsilon Senior Housing Corporation is not in compliance with the Regulatory Agreement. Questioned Cost: Undetermined Recommendation: Every effort should be made to comply with the residual receipts requirement to make deposits into the account within 60 days following the end of the fiscal year or request waivers by the due date. Views of Responsible Officials and Planned Corrective Actions: Every effort will be made to establish and implement controls to assure that deposits are made within the 60 day allotted period.