FAC Explorer

Audit 367113

FY End
2024-12-31
Total Expended
$1.27M
Findings
1
Programs
2
Organization: Rayne Elderly Housing Corporation Operating As Leisure Lane Apartments (FL)
Year: 2024 Accepted: 2025-09-23
Auditor: Bellows Associates P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1154203 2024-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly - Capital Advance $1.13M Yes 1
14.157 Supportive Housing for the Elderly - Prac $135,663 Yes 0

Contacts

Name Title Type
CLMSU3TNLDB4 Irene Phillips Auditee
9548359200 Jennifer R. Koffman Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal award activity of Rayne Elderly Housing Corporation, HUD Project No. 064-EE065, and is presented on the accrual basis of accounting. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Rayne Elderly Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rayne Elderly Housing Corporation.
Rayne Elderly Housing Corporation has received a HUD capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Rayne Elderly Housing Corporation received no additional loans during the year. The balance of the capital advance outstanding as of December 31, 2024 was $1,130,793.

Finding Details

Finding 2024-001
FINDING No. 2024-001: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Unresolved. Information on Universe Population Size: All replacement reserve deposits for the year ended December 31, 2024. Sample Size Information: All replacement reserve deposits for the year ended December 31, 2024. Identification of Repeat Finding and Finding Reference Number: Yes, 2023-001. Criteria: In accordance with HUD, the required monthly deposit must be made to the Project's reserve for replacement account. Statement of Condition: The Project underfunded the account by $33,600 in the current year. Cause: The Project did not fund the reserve account after the suspension ended on May 31, 2024. Effect or Potential Effect: Deficiently funded reserve for replacements. Auditor Non-Compliance Code: N – Reserve for Replacements deposits Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations will be adopted. Recommendation: Management should implement procedures to ensure the replacement reserve is properly funded on a monthly basis. Response Indicator: Agree. Completion Date: 12/31/2025 Response: Staff training has been provided to ensure the correct RR amounts are deposited and a timely increase from HUD is received. This has been included in the monthly reporting procedures. Questioned Costs – Department of Housing and Urban Development $33,600 Total Questioned Costs – Department of Housing and Urban Development $33,600