FAC Explorer

Audit 377051

FY End
2025-07-31
Total Expended
$1.19M
Findings
2
Programs
3
Organization: Coronado Gardens Consumer Housing Cooperative (MI)
Year: 2025 Accepted: 2025-12-22
Auditor: COMER NOWLING AND ASSOCIATES PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1166146 2025-001 Material Weakness Yes P
1166147 2025-002 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $564,051 Yes 2
14.103 INTEREST REDUCTION PAYMENTS_RENTAL AND COOPERATIVE HOUSING FOR LOWER INCOME FAMILIES $332,212 Yes 0
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $297,328 Yes 0

Contacts

Name Title Type
JY8MEJWJ1N63 Mark Kirkpatrick JR Auditee
3175704358 Gregory Nowling Auditor
No contacts on file

Notes to SEFA

Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through identifying numbers are presented where available.

Finding Details

Finding 2025-001
The Cooperative did not obtain approval from HUD for withdrawals from the general operating reserve in excess of 20% of the prior year’s ending balance.
Finding 2025-002
The audited financial statements for the fiscal year-end July 31, 2025 were not filed into the REAC system within 90 days after the year-end.