FAC Explorer

Audit 371084

FY End
2025-03-31
Total Expended
$2.41M
Findings
1
Programs
2
Organization: Mamou Elderly Housing Development Corp. Operating As Savoy Heights Apt (FL)
Year: 2025 Accepted: 2025-10-21
Auditor: BELLOWS ASSOCIATES P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1161092 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $1.95M Yes 1
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $462,826 Yes 0

Contacts

Name Title Type
HQMKWHFLNUC1 Irene Phillips Auditee
9548359200 Dina Bellows-Levine Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Mamou Elderly Housing Development Corporation, operating as Savoy Heights Apartments, HUD Project No. 064-11117, 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 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 Mamou Elderly Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mamou Elderly Housing Development Corporation.
Mamou Elderly Housing Development Corporation has received a U.S. Department of Housing and Urban Development mortgage restructuring under Section 207 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Mamou Elderly Housing Development Corporation received no additional loans during the year. The balance of the loan outstanding as of March 31, 2025 was $1,891,501.

Finding Details

Finding 2025-001
FINDING No. 2025-001: Section 207/223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Housing Projects, ALN 14.155 Finding Resolution Status: Resolved. Information on Universe Population Size: All replacement reserve deposits for the year ended March 31, 2025. Sample Size Information: All replacement reserve deposits for the year ended March 31, 2025. Identification of Repeat Finding and Finding Reference Number: No. Criteria: In accordance with HUD, required monthly deposits must be made to the Project’s reserve for replacement account. Statement of Condition: The Project underfunded the account by $341. Cause: An increase in funding was not implemented. Effect or Potential Effect: Deficiently funded reserve for replacement account. Auditor Non-Compliance Code: N – Replacement Reserve Deposits. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendation has been adopted. Recommendation: Management should implement procedures to ensure that the correct amount is deposited into the replacement reserve account each month. Response Indicator: Agree. Completion date: 04/30/2025 Response: Deposits are made to the replacement reserves on a monthly basis. A new checklist is being implemented to ensure the accuracy of the amounts and completeness of the transfers.