FAC Explorer

Audit 373814

FY End
2025-06-30
Total Expended
$1.98M
Findings
2
Programs
2
Organization: Magnolia Tree Apartments (CA)
Year: 2025 Accepted: 2025-12-10
Auditor: ANTHONY APODACA ACCOUNTANCY CORPORATION

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1164384 2025-001 Material Weakness Yes L
1164385 2025-002 Material Weakness Yes C

Programs

ALN Program Spent Major Findings
14.181 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES $1.89M Yes 2
14.326 PROJECT RENTAL ASSISTANCE DEMONSTRATION (PRA DEMO) PROGRAM OF SECTION 811 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES $94,759 Yes 0

Contacts

Name Title Type
RP6MJM38KAD8 Fred Goodspeed Auditee
6613261190 Anthony Apodaca Auditor
No contacts on file

Finding Details

Finding 2025-001
2025-001 Reportable Condition – Internal Control: Criteria: The Operating account does not reconcile to the bank reconciliation. Condition: The Project did not properly prepare the bank reconciliation. Questioned cost: None Context: Occurring within the current accounting period. Cause: Management lack of monitoring. Effect: The Operating account is not reconciled. Recommendation: Bank reconciliations should be completed and approved in a timely manner. Repeat finding: No Views of responsible official and planned corrective action: The current management agent concurs and will take immediate corrective action.
Finding 2025-002
2025-002 Reportable Condition – Compliance: Criteria: The Project is required to make monthly deposits to the Replacement Reserves account. Condition: The Project did not make 7 required monthly deposits to the Replacement Reserves account. Questioned cost: None Context: Occurring within the current accounting period. Cause: Management lack of monitoring. Effect: The Replacement Reserves account is underfunded by $450. The Project is not in compliance with the regulatory agreement. Recommendation: The Project should fund the Replacement Reserves account. Repeat finding: No Views of responsible official and planned corrective action: The current management agent concurs and will take immediate corrective action.