FAC Explorer

Audit 369889

FY End
2024-12-31
Total Expended
$13.53M
Findings
1
Programs
1
Organization: St. Francis Village, Inc. (TX)
Year: 2024 Accepted: 2025-09-30
Auditor: J Taylor & Associates LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1157693 2024-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.135 Mortgage Insurance Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate $13.53M Yes 1

Contacts

Name Title Type
YXRQEZ5GBML5 Terry Acker Auditee
8179245900 Matthew Edmonson Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of Federal awards includes the federal grant activity of St. Francis Village, Inc., HUD Project No. 113-35459, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the audit 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Village has elected not to use the ten percent de minimis indirect cost rate allowed under Uniform Guidance.
The dollar threshold used to distinguish between Type A and Type B programs was $750,000.
The amounts reported as Federal expenditures for Section 221(d)(4) Mortgage Insurance represent the mortgage balance as of the beginning of the year, which the Department of Housing and Urban Development has guaranteed. The Village received no additional loans during the year. The balance of the loan outstanding as of December 31, 2024 was $13,187,696.

Finding Details

Finding 2024-001
Finding 2024-001: Criteria: Formal segregation of duties is a form of risk management that requires record keeping, custody of assets, and authorization for the use of assets be fully segregated functions. Condition and Context: During the audit, we observed that the Executive Director has both signature authority and direct access to financial recording. Cause: The Executive Director has authorization for the use of assets and access to the financial records. Effect: The lack of segregation of duties increases the risk to the Village. Recommendation: We recommend implementing appropriate segregation of duties associated with control of cash assets in the accounting system, which could include implementation of an electronic payables system or positive pay system. Responsible Official’s Response: Subsequent to year-end, Management hired a Controller which has allowed the Village to modify its internal control practices to ensure proper segregation of duties. This allows the Village to modify access to the financial accounting system to be limited to the Business Manager and the Controller and restricting the Executive Director’s access to “view only.” Additionally, management will evaluate the implementation of an electronic payables system and a positive pay system with its banks to enhance segregation of duties. Planned Implementation Date of Corrective Action: Management has implemented this change subsequent to year-end. Person Responsible for Corrective Action: Executive Director with advice from the Board of Directors.