FAC Explorer

Audit 365221

FY End
2025-04-30
Total Expended
$3.61M
Findings
2
Programs
2
Organization: Cecil Avenue Apartments,inc.dba Harold Olson Rotary Village #122-11445 (CA)
Year: 2025 Accepted: 2025-08-28
Auditor: Dauby O'Connor & Zaleski LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
575076 2025-001 Significant Deficiency - N
1151518 2025-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.13M Yes 1
14.195 Project-Based Rental Assistance (pbra) $476,029 - 0

Contacts

Name Title Type
MBUTS5NLVAZ7 Dean Chung Auditee
5622575100 Matt Catlin Auditor
No contacts on file

Notes to SEFA

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 HUD Section 207 pursuant to Section 223(f) mortgage note payable at April 30, 2025 is $3,062,620.

Finding Details

Finding 2025-001
Finding reference number: 2025-001 Assistance Listing (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Project identification number 122-11445 and 2020 Auditor non-compliance code: I – Failure to make required residual receipt deposit Finding resolution status: Resolved Universe population size: N/A Sample size information: N/A Statistically valid sample: No Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $69,120 Statement of condition 2025-001: The Corporation did not make the required residual receipts deposit computed at April 30, 2024 in the amount of $69,120 within 90 days of fiscal year end. Criteria: Pursuant to the HAP contract, the residual receipts deposit due to the reserve for replacements must be deposited within 90 days of fiscal year end. Effect: The Corporation is not in compliance with the HAP contract. Cause: The Corporation did not make the required deposit within 90 days of fiscal year end. Recommendation: Management should implement a system to ensure the required residual receipts deposit is made within 90 days of fiscal year end. Management's response: Agree. Management made the required residual receipts deposit on January 8, 2025.
Finding 2025-001
Finding reference number: 2025-001 Assistance Listing (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Project identification number 122-11445 and 2020 Auditor non-compliance code: I – Failure to make required residual receipt deposit Finding resolution status: Resolved Universe population size: N/A Sample size information: N/A Statistically valid sample: No Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $69,120 Statement of condition 2025-001: The Corporation did not make the required residual receipts deposit computed at April 30, 2024 in the amount of $69,120 within 90 days of fiscal year end. Criteria: Pursuant to the HAP contract, the residual receipts deposit due to the reserve for replacements must be deposited within 90 days of fiscal year end. Effect: The Corporation is not in compliance with the HAP contract. Cause: The Corporation did not make the required deposit within 90 days of fiscal year end. Recommendation: Management should implement a system to ensure the required residual receipts deposit is made within 90 days of fiscal year end. Management's response: Agree. Management made the required residual receipts deposit on January 8, 2025.