FAC Explorer

Audit 371447

FY End
2025-06-30
Total Expended
$890,251
Findings
2
Programs
2
Organization: Building Futures, Inc. (NE)
Year: 2025 Accepted: 2025-10-29
Auditor: HERLEY & REINKE ACCOUNTING PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1161570 2025-001 Material Weakness Yes ABCEN
1161571 2025-002 Material Weakness Yes ABCEN

Programs

ALN Program Spent Major Findings
14.181 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES $871,400 Yes 2
14.857 SECTION 8 RENTAL CERTIFICATE PROGRAM $18,851 Yes 0

Contacts

Name Title Type
FDC9BBKKJ8V9 Liberty Centre Services, Inc. Auditee
4023703503 Brendee Reinke Auditor
No contacts on file

Notes to SEFA

All significant federal programs of Building Futures, Inc. are included in the scope of the Uniform Guidance (the "Single Audit").
Single Audit testing procedures are performed for program transactions occurring during the fiscal year ended June 30, 2025. Expenditures in the Schedule of Expenditures of Federal Awards represent loans guaranteed by the U.S. Department of Housing and Urban Development (HUD) pursuant to the HUD regulatory agreement.

Finding Details

Finding 2025-001
In order to be in compliance with U.S. Department of Housing & Urban Development, Section 811 Capital Advance (Supportive Housing for persons with Disabilities) Federal Assistance Listing number 14.181, Building Futures, Inc. is required to make monthly deposits to the Replacement Reserve account. During our audit procedures, we noted that only 11 of the 12 required monthly deposits to the Replacement Reserves account were made during the fiscal year ending June 30, 2025. Written approval to suspend deposits was not obtained from HUD. We recommend that management have a heightened awareness of the timeliness regarding the Replacement Reserve deposits to ensure that deposits are made timely or that written approval to suspend deposits is obtained from HUD.
Finding 2025-002
In order to be in compliance with U.S. Department of Housing & Urban Development, Section 811 Capital Advance (Supportive Housing for persons with Disabilities) Federal Assistance Listing number 14.181, Building Futures, Inc. is required to make a deposit to the Residual Receipts account if there is a surplus of cash in the project funds account at fiscal year-end. During our audit procedures, we noted that there was a surplus of cash in the projected funds account for the year ending June 30, 2025. Building Futures, Inc. did not make a deposit into the Residual Receipts account within 60 days following the end of the fiscal year. We recommend that management have a heightened awareness of the cash balance is the project funds less accounts payable, prepaid rents, and tenant deposits at fiscal year-end in order to ensure that Residual Receipts deposits are made in the correct manner.