FAC Explorer

Audit 378194

FY End
2025-06-30
Total Expended
$4.25M
Findings
1
Programs
2
Organization: Culpepper Garden Ii, Inc. (VA)
Year: 2025 Accepted: 2025-12-30
Auditor: BROWN EDWARDS & COMPANY LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1167144 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 $3.24M Yes 0
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $1.01M Yes 1

Contacts

Name Title Type
HTMDL319D7J3 Kathryn, Overacker Auditee
5405634565 John Shannon Aldridge Auditor
No contacts on file

Notes to SEFA

CULPEPPER GARDEN II, INC. HAS RECEIVED A SECTION 223(f) HUD INSURED MORTGAGE. THE LOAN BALANCE OUTSTANDING AT THE BEGINNING OF THE YEAR IS INCLUDED IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS. THE CORPORATION RECEIVED NOT ADDITIONAL LOANS DURING THE YEAR. THE BALANCE OF THE LOAN OUTSTANDING AT JUNE 30, 2025 WAS $3,137,620.

Finding Details

Finding 2025-001
Condition: Per the HUD regulatory agreement, the Corporation is required to make monthly replacement reserve deposits. The required deposit amount increased from $3,604 to $3,939 effective 10/1/2024. For the period from 10/1/2024 through 6/30/2025, the mortgage company continued to draft the $3,604 deposit. Cause: This occurred due to the mortgage company not updating audit-draft of the reserve deposit to the correct amount.