FAC Explorer

Audit 371034

FY End
2024-12-31
Total Expended
$3.10M
Findings
2
Programs
1
Organization: Salem Baptist Church of Atlanta Housing Foundation, Inc. (GA)
Year: 2024 Accepted: 2025-10-20
Auditor: FOGEL KLEIN LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1161062 2024-001 Material Weakness Yes N
1161063 2024-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $468,176 Yes 1

Contacts

Name Title Type
H8PFW9H5NF48 - Auditee
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Salem Baptist Church of Atlanta Housing Foundation, Inc. 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 U.S. 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 the operations of Salem Baptist Church of Atlanta Housing Foundation, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Salem Baptist Church of Atlanta Housing Foundation, Inc.
Salem Baptist Church of Atlanta Housing Foundation, Inc. has received a US Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The mortgage balance at the beginning of the year is included in the federal expenditures presented in the Schedule. There were no additional loans received during the year. The balance of the loan outstanding at December 31, 2024 is $2,629,900.

Finding Details

Finding 2024-001
Finding 2024-001: 14.157 Supportive Housing for the Elderly (Section 202) Significant Deficiency Reserve for Replacement Deposits Finding Resolution Status: Resolved Information on Universe and Population Size: Not Applicable Sample Size Information: Not Applicable Identification of Repeat Finding and Finding Reference Number: Not Applicable Criteria: Capital Advance Program Regulatory Agreement section 5(a). Mortgagor will establish and maintain a reserve fund for replacements in a separate account in a bank which is insured by the Federal Deposit Insurance Corporation, Savings Association Insurance Fund, or the National Credit Union Share Insurance Fund. Disbursements from the reserve for replacement, whether for the purpose of effecting replacement of structural elements and mechanical equipment of the project for any other purpose, may be made only after the consent in writing of HUD. Statement of Condition: The Project was approved by HUD for a loan advance from the Reserve for Replacement account in the amount of $31,958 on January 3, 2024. The HUD Reserve for Replacement Funds Authorizations required the loan advance be repaid by May 1, 2024. The Project did not repay the $31,958 Reserve for Replacement loan advance by the due date of May 1, 2024. Cause: The Project did not repay their Reserve for Replacement loan advance by the due date. Effect or Potential Effect: The replacement reserve account was under funded by $31,958. Auditor Non-Compliance Code: N - Reserve for Replacements Deposits Questioned Costs: $31,958 Reporting Views of Responsible Officials: Management concurs with this finding, agrees with the auditor recommendation, and the Project has repaid the loan advance. Context: Not Applicable Recommendations: The Project should repay the Reserve for Replacement loan advance of $31,958. Auditors’ Summary of the Auditee’s Comments on the Findings and Recommendations: Agrees with management. Response Indicator: Agree Completion Date: September 29, 2025 Response: Management concurs with this finding, agrees with the auditor recommendation, and the mortgagee has repaid the loan advance. Contact Person: Moshe Eichler