FAC Explorer

Audit 368609

FY End
2025-06-30
Total Expended
$1.19M
Findings
4
Programs
1
Organization: Curry Lane Housing Corporation (IL)
Year: 2025 Accepted: 2025-09-29
Auditor: Gray Hunter Stenn LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1156317 2025-001 Material Weakness Yes N
1156318 2025-002 Material Weakness Yes N
1156319 2025-001 Material Weakness Yes N
1156320 2025-002 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $107,490 Yes 2

Contacts

Name Title Type
U9Z5JPRLBP65 Dane Jansen Auditee
2177733325 Kamryn Schrepfer Auditor
No contacts on file

Notes to SEFA

There was no non-cash assistance received and there was no federal insurance in effect during year ended June 30, 2025. As of the year ended June 30, 2025, Curry Lane Housing Corporation had received capital advances totaling $1,080,800 from the Department of Housing and Urban Development (section 811) to construct its facility. The capital advance bears no interest and repayment is not required as long as the housing remains available for low-income elderly persons for not less than 40 years. The balance at June 30, 2025 is reflected in the schedule of expenditures of federal awards.
There were no amounts passed through to subrecipients during the year ended June 30, 2025.

Finding Details

Finding 2025-001
Finding 2025-001 – Late Deposits to Replacement Reserve Condition The Organization failed to make the required monthly deposits of $4,100 into its replacement reserve account for the months of July 2024 through June 2025. Criteria The Organization is required by HUD (HUD Handbook 4350.1) to deposit $4,100 per month into a federally insured account. Cause The Organization has not established a procedure that ensures that the deposits are made on a monthly basis. Effect The required deposits were not made. Recommendation The Organization should develop procedures which will ensure those deposits are made in a timely manner. Also, the Organization should be reviewing the financial statements periodically. Federal Agency Program: All federal programs are affected. Questioned costs: None
Finding 2025-002
Finding 2025-002 – Late Deposit of Surplus Cash Condition The Organization failed to make the 2024 surplus cash deposit into its residual receipts account in a timely manner. Criteria The Organization is required by HUD (HUD Handbook 4370.2) to deposit surplus cash within 60 days after the end of the fiscal year into a federally insured account. Cause The Organization has not established a procedure that ensures that the deposit is made on a timely basis. Effect The required deposit that was due 60 days after the end of the fiscal year was not made until 200 days after the fiscal year. Recommendation The Organization should develop procedures which will ensure the surplus cash deposit is made in a timely manner. Federal Agency Program: All federal programs are affected. Questioned costs: None