FAC Explorer

Audit 364928

FY End
2024-07-31
Total Expended
$10.19M
Findings
8
Programs
2
Organization: Lancaster Village Consumer Housing Cooperative (IN)
Year: 2024 Accepted: 2025-08-26
Auditor: Comer Nowling and Associates PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
574647 2024-001 - - P
574648 2024-002 - - P
574649 2024-001 - - P
574650 2024-002 - - P
1151089 2024-001 - - P
1151090 2024-002 - - P
1151091 2024-001 - - P
1151092 2024-002 - - P

Programs

ALN Program Spent Major Findings
14.126 Mortgage Insurance_cooperative Projects $8.98M Yes 2
14.195 Section 8 Housing Assistance Payments Program $1.21M - 2

Contacts

Name Title Type
KZFKPKGNVDM6 Ralph J Marcus Auditee
2485534700 Gregory Nowling Auditor
No contacts on file

Notes to SEFA

Title: Summary of Significant Accounting Policies Accounting Policies: Reported on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: 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. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through identifying numbers are presented where available.

Finding Details

Finding 2024-001
HUD requires the Cooperative to file audited financial statements into the REAC system within 90 days after the fiscal year-end.
Finding 2024-002
In accordance with the Use Agreement between the Cooperative and HUD, the Cooperative is required to obtain HUD’s approval for withdrawals from the replacement reserve.
Finding 2024-001
HUD requires the Cooperative to file audited financial statements into the REAC system within 90 days after the fiscal year-end.
Finding 2024-002
In accordance with the Use Agreement between the Cooperative and HUD, the Cooperative is required to obtain HUD’s approval for withdrawals from the replacement reserve.
Finding 2024-001
HUD requires the Cooperative to file audited financial statements into the REAC system within 90 days after the fiscal year-end.
Finding 2024-002
In accordance with the Use Agreement between the Cooperative and HUD, the Cooperative is required to obtain HUD’s approval for withdrawals from the replacement reserve.
Finding 2024-001
HUD requires the Cooperative to file audited financial statements into the REAC system within 90 days after the fiscal year-end.
Finding 2024-002
In accordance with the Use Agreement between the Cooperative and HUD, the Cooperative is required to obtain HUD’s approval for withdrawals from the replacement reserve.