FAC Explorer

Audit 365960

FY End
2021-12-31
Total Expended
$2.16M
Findings
12
Programs
2
Organization: Salem Housing Development Corporation (NE)
Year: 2021 Accepted: 2025-09-09
Auditor: Dauby O'Connor & Zaleski LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
576064 2021-002 Material Weakness Yes C
576065 2021-005 Material Weakness Yes L
576066 2021-004 Material Weakness Yes L
576067 2021-003 Material Weakness Yes C
576068 2021-001 Material Weakness Yes L
576069 2021-006 Material Weakness - C
1152506 2021-002 Material Weakness Yes C
1152507 2021-005 Material Weakness Yes L
1152508 2021-004 Material Weakness Yes L
1152509 2021-003 Material Weakness Yes C
1152510 2021-001 Material Weakness Yes L
1152511 2021-006 Material Weakness - C

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.78M Yes 6
14.195 Project-Based Rental Assistance (pbra) $380,233 - 0

Contacts

Name Title Type
LB5BNE6J4Q19 Mark Owsley Auditee
4024901907 Jeff Lathrop Auditor
No contacts on file

Notes to SEFA

Title: 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 auditee did not use the de minimis cost rate. The balance of the HUD mortgage as of December 31, 2021, under Section 207, pursuant to Seciton 223(f) of the National Housing Act is $1,729,482.

Finding Details

Finding 2021-002
The Corporation did not make the required deposit to the residual receipts fund in the amount of $107,330.
Finding 2021-005
At December 31, 2021, the management agent was unable to provide supporting invoice for 1 disbursement.
Finding 2021-004
For the year ended December 31, 2020, the Corporation did not submit Data Collection Form to FAC within the required time period.
Finding 2021-003
As of December 31, 2021, there was no segregated security deposit account and the liability of $12,989 was not properly funded.
Finding 2021-001
For the year ended December 31, 2021, the Corporation did not submit audited financial statements to HUD within the required time period.
Finding 2021-006
The Corporation did not make all of the required deposits to the reserve for replacements fund for the months of July 1, 2021 through December 31, 2021 in the amount of $156.
Finding 2021-002
The Corporation did not make the required deposit to the residual receipts fund in the amount of $107,330.
Finding 2021-005
At December 31, 2021, the management agent was unable to provide supporting invoice for 1 disbursement.
Finding 2021-004
For the year ended December 31, 2020, the Corporation did not submit Data Collection Form to FAC within the required time period.
Finding 2021-003
As of December 31, 2021, there was no segregated security deposit account and the liability of $12,989 was not properly funded.
Finding 2021-001
For the year ended December 31, 2021, the Corporation did not submit audited financial statements to HUD within the required time period.
Finding 2021-006
The Corporation did not make all of the required deposits to the reserve for replacements fund for the months of July 1, 2021 through December 31, 2021 in the amount of $156.