FAC Explorer

Audit 373280

FY End
2025-06-30
Total Expended
$875,929
Findings
1
Programs
1
Organization: Old Town Voa Affordable Housing, Inc. (penobscot River House) Me36-H0173 (ME)
Year: 2025 Accepted: 2025-12-08
Auditor: BDMP ASSURANCE LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1163561 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $875,929 Yes 1

Contacts

Name Title Type
PYBKQNHAB6F7 Kayla Thurlow Auditee
2073731140 Ryan Gough Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs of Old Town VOA Affordable Housing, Inc. (the Organization), U.S. Department of Housing and Urban Development (HUD) Project No. ME36-H017-342. Financial assistance received directly from federal agencies is included on the Schedule. The information in the Schedule is presented in accordance with 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 portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.

Finding Details

Finding 2025-001
Finding Number 2025-001 Information on the Federal Program: Federal Agency: U.S. Department of Housing and Urban Development (HUD) Program Name: Section 8 Project-Based Cluster - Section 8 Housing Assistance Payments Program AL: 14.195 Federal Award Identification Number: N/A Federal Award Year: 2025 Specific Requirement: HUD prescribes that required deposits into the residual receipts reserve account be deposited within 90 days after fiscal year end. Condition Found and Context: During fiscal year 2024, the Organization had identified surplus cash of $89,684 which was required to be deposited into its residual receipts reserve account within 90 days after fiscal year end. This required deposit was not made until 123 days after the fiscal year end. Questioned Costs: $89,684 of known questioned costs. Cause and Effect: The Organization was aware of the requirement to deposit the surplus cash into the residual receipts reserve account within the specified timeframe; however, a process was not implemented to provide reasonable assurance that the deposit was made timely. As a result, the Organization was not compliant with HUD regulations. Identification as a Repeat Finding, if Applicable: 2014-001 Recommendation We recommend the Organization implement a process to identify any surplus cash to be deposited into its residual receipts reserve account and a timeline to provide reasonable assurance that the remittance of the required deposits are done within the specified timeframe set by HUD. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the finding. See Corrective Action Plan attached.