FAC Explorer

Audit 370591

FY End
2025-04-30
Total Expended
$1.55M
Findings
3
Programs
3
Organization: Mt. Auburn Housing, Inc. (OH)
Year: 2025 Accepted: 2025-10-09
Auditor: Tidwell Group LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1160207 2025-001 Material Weakness Yes P
1160208 2025-002 Material Weakness Yes P
1160209 2025-003 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.164 Operating Assistance for Troubled Multifamily Housing Projects $1.02M Yes 2
14.195 Project-Based Rental Assistance (pbra) $480,430 Yes 0
14.197 Multifamily Assisted Housing Reform and Affordability Act $49,859 Yes 1

Contacts

Name Title Type
N8SLBH6SZ2U8 Stephen Tepner Auditee
3176457123 Damien Cassell Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Mt. Auburn Housing, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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.

Finding Details

Finding 2025-001
S3800-010 Finding Reference Number 2025-1 S3800-015 Type of Finding Federal Award Finding S3800-020 Criteria The Regulatory Agreement requires debt to be paid in full at maturity. S3800-030 Statement of Condition The Corporation's Mortgage Restructuring Note should have been paid in full in August 2014. Principle Balance $54,982 S3800-035 Auditor Non-Compliance Code Q - Failure to make mortgage payments S3800-037 FHA/Contract Number 046-44083 S3800-038 Questioned Costs $-0- S3800-050 Context The Corporation did not have enough liquid funds to pay the loan in full. S3800-060 Effect The Project could be foreclosed and sold to pay off the debt. S3800-070 Cause The Corporation does not have enough liquid funds to pay the loan in full. S3800-080 Recommendation The Corporation should work with HUD to extend the maturity date or refinance the mortgage.
Finding 2025-002
S3800-010 Finding Reference Number 2025-2 S3800-015 Type of Finding Federal Award Finding S3800-020 Criteria The Regulatory Agreement requires debt to be paid in full at maturity. S3800-030 Statement of Condition The Corporation's Flexible Subsidy Loan should have been paid in full in August 2014. Principal Balance $1,298,319 S3800-035 Auditor Non-Compliance Code Q - Failure to make mortgage payments S3800-037 FHA/Contract Number 046-44083 S3800-038 Questioned Costs $-0- S3800-050 Context The Corporation did not have enough liquid funds to pay the loan in full. S3800-060 Effect The Project could be foreclosed and sold to pay off the debt. S3800-070 Cause The Corporation does not have enough liquid funds to pay the loan in full. S3800-080 Recommendation The Corporation should work with HUD to extend the maturity date or refinance the mortgage.
Finding 2025-003
S3800-010 Finding Reference Number 2025-3 S3800-015 Type of Finding Federal Award Finding S3800-020 Criteria The Regulatory Agreement requires the property to be in full compliance with all HUD regulations. S3800-030 Statement of Condition On November 13, 2024, the property had a Real Estate Assessment Center physical inspection and received a score of 32. S3800-035 Auditor Non-Compliance Code I - Failure to maintain property S3800-037 FHA/Contract Number 046-44083 S3800-038 Questioned Costs $-0- S3800-050 Context The Corporation failed to maintain the property. S3800-060 Effect Based on the results of the inspection, the Corporation was out of compliance with the requirements of the Regulatory Agreement. S3800-070 Cause Management oversight. S3800-080 Recommendation All required changes and corrections should be made in accordance with the Real Estate Assessment Center physical inspection and the Regulatory Agreement. Routine physical inspections and maintenance should be performed at the property to prevent future occurrences of the deficiency.