FAC Explorer

Audit 368611

FY End
2025-06-30
Total Expended
$942,558
Findings
2
Programs
1
Organization: Country Lane Apartments, Inc. (IL)
Year: 2025 Accepted: 2025-09-29
Auditor: Gray Hunter Stenn LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1156321 2025-001 Material Weakness Yes N
1156322 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $51,658 Yes 1

Contacts

Name Title Type
WNVPFZUM7EK8 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, Country Lane Apartments, Inc. had received capital advances totaling $890,900 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 disabled 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 and Paint Reserve Condition The Organization failed to make the required monthly deposits of $1,966 into its replacement reserve account for the months of July 2024 through June 2025. The Organization also failed to make the required monthly deposits of $375 into its paint reserve account for the months of July 2024 through June 2025. Criteria The Organization is required by HUD (HUD Handbook 4350.1) to deposit $1,966 per month into a federally insured account for future replacement needs. The Organization is also required by HUD (HUD Handbook 4350.1) to deposit $375 per month into a federally insured account for future painting needs. 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