FAC Explorer

Audit 370562

FY End
2024-12-31
Total Expended
$2.62M
Findings
1
Programs
2
Organization: N L Resort, INC (VI)
Year: 2024 Accepted: 2025-10-08
Auditor: Bert Smith & CO

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1160194 2024-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $2.46M Yes 1
14.157 Project Rental Assistance Contract (prac) $159,977 Yes 0

Contacts

Name Title Type
SWL2NCQNDVF3 Mona Barnes Auditee
3406921194 Keisha Bridgewater Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity ofN L Resort Inc., New Life Senior Resort, Project Number 056-EE-047 (New Life Senior Resort Project), 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 US 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 New Life Senior Resort's operations, it is not intended to and does not present the financial position, changes in net assets, or cash flows of New Life Senior Resort
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 ofM expenditures are not allowable or are limited as to reimbursement.
The New Life Senior Resort Project has elected not to use the IO-percent de minimis indirect cost rate allowed under Uniform Guidance.
The New Life Senior Resort Project received a U.S. Department of Housing and Urban Development Capital Advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. It received no additional advances during the year. The balance of the capital advance outstanding as of December 31, 2024, consists of: ALN# 14.157 Program: Section 202 Direct Loan-Balance: $2,457,289.
The New Life Senior Resort Project received grant funds totaling $56,079 from Federal Emergency Management Agency (FEMA)'s Public Assistance Small Project grant. These funds were for hurricane repairs completed in prior years. These expenditures are not presented in the Schedule of Federal Expenditure of Federal Awards since the funds are related to prior year expenditures incurred from the hurricane.

Finding Details

Finding 2024-001
2024-01: Replacement Reserve Withdrawal Federal Agency: Department of Housing and Urban Development Program Name: Supportive Housing for the Elderly (Section 202) CFDA No.: 14.157 Compliance Requirements: Special Tests and Provisions Condition: No approval was obtained for two (2) withdrawals from the reserve account. Criteria: Pursuant to the Capital Advance Regulatory Agreement, disbursements from such funds may be made only after the consent in writing of HUD. Cause: The Project needed to make immediate repairs prior to REAC assessment Effect: Noncompliance with HUD guidelines. Questioned Costs: Undetermined Recommendation: Management should adhere to HUD’s guidelines and seek to obtain written approval for all withdrawals from the reserve account. Views of Responsible Officials and Planned Corrective Action: The funds withdrawn from the Reserve Regulatory account was done based on a verbal agreement between Jose L Castillo, SAE and Mona Barnes, to perform needed repairs in preparation for REAC inspection. The funds were subsequently returned to the account.