FAC Explorer

Audit 370012

FY End
2024-12-31
Total Expended
$1.32M
Findings
2
Programs
2
Organization: Stone Lake Woods, Inc. (MI)
Year: 2024 Accepted: 2025-09-30
Auditor: Novogradac & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1158058 2024-002 Material Weakness Yes B
1158059 2024-002 Material Weakness Yes B

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.05M Yes 1
14.195 Section 8 Housing Assistance Payments Program $269,061 Yes 1

Contacts

Name Title Type
GDJMXVNGRRY7 Sheryl Deryder Auditee
2694458040 David Conway Auditor
No contacts on file

Notes to SEFA

The following represents the amount of outstanding loans identified by AL No. All loans are provided by HUD and are included in the Schedule. Prior year loans with Loans continuing Total received compliance outstanding AL No. Program title in 2024 requirements loans 14.155 Mortgage Insurance for the Purchase $ - $ 1 ,052,714 $ 1 ,052,714 or Refinancing of Existing Multifamily Housing Projects

Finding Details

Finding 2024-002
Finding 2024-02 Late Submission of Audited Financial Statement (Significant Deficiency) Criteria In accordance with the regulatory agreement and HUD Handbook 4370.2, audited financial statements must be submitted to the U.S. Department of Housing and Urban Development (HUD) by March 31 following the end of the fiscal year. Statement of Condition The Organization did not submit its audited financial statements for the year ending December 31, 2024, to HUD by the required deadline of March 31, 2025. Questioned Costs None Effect or Potential Effect Failure to submit audited financial statements timely may result in noncompliance with HUD regulations, potential sanctions, and delayed oversight or corrective actions. It also limits HUD’s ability to assess the financial condition and performance of the Organization. Cause The delay was due to inadequate internal tracking and oversight of reporting deadlines, as well as a lack of formal procedures to ensure timely submission of required financial reports. Recommendation The Organization should implement and enforce internal controls and procedures to monitor reporting deadlines and ensure timely submission of audited financial statements in accordance with HUD requirements. Views of Responsible Officials and Planned Corrective Action Management agrees with the recommendation and is in agreement with the finding.