FAC Explorer

Audit 367988

FY End
2024-12-31
Total Expended
$997,342
Findings
2
Programs
3
Organization: Housing Authority of Breckenridge (TX)
Year: 2024 Accepted: 2025-09-26
Auditor: John A Blakeway CPA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1155698 2024-001 Material Weakness Yes L
1155699 2024-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.871 Section 8 Housing Choice Vouchers $554,081 Yes 0
14.850 Public Housing Operating Fund $233,251 Yes 1
14.872 Public Housing Capital Fund $210,010 Yes 1

Contacts

Name Title Type
NJJNA4J8S5F5 Landi Crossman Auditee
2545595996 John A. Blakeway Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA 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, 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 the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
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 PHA's summary of significant accounting policies is presented in Note A in the PHA's basic financial statements. The PHA has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2024-001
Material Internal Control Weakness - Public and Indian Housing - ALN No. 14.850 and Public Housing Capital Fund - ALN No. 14.872. Criteria or Specific Requirement: Operating subsidy and capital fund draw-downs should be properly recorded in the PHA's general ledger. Condition: - Operating subsidy and capital fund draw-downs totaling $199,325 were recorded as deferred revenues in an account called "Unknown HUD Deposits". Cause: The PHA's fee accountant was unable to determine how to properly classify the draw-downs. Effect: HUD grants revenue was misstated by $199,325 requiring an audit adjustment to properly classify the draw-downs. Questioned Costs: Not applicable. Repeat Finding: Not a repeat finding. Recommendation: The PHA should forward a copy of all HUD draw-down requisitions to its fee accountant so that revenues can be properly recorded. Response: The PHA will make sure its fee accountant receives a copy of all draw-down requisitions.
Finding 2024-001
Material Internal Control Weakness - Public and Indian Housing - ALN No. 14.850 and Public Housing Capital Fund - ALN No. 14.872. Criteria or Specific Requirement: Operating subsidy and capital fund draw-downs should be properly recorded in the PHA's general ledger. Condition: - Operating subsidy and capital fund draw-downs totaling $199,325 were recorded as deferred revenues in an account called "Unknown HUD Deposits". Cause: The PHA's fee accountant was unable to determine how to properly classify the draw-downs. Effect: HUD grants revenue was misstated by $199,325 requiring an audit adjustment to properly classify the draw-downs. Questioned Costs: Not applicable. Repeat Finding: Not a repeat finding. Recommendation: The PHA should forward a copy of all HUD draw-down requisitions to its fee accountant so that revenues can be properly recorded. Response: The PHA will make sure its fee accountant receives a copy of all draw-down requisitions.