FAC Explorer

Audit 37823

FY End
2022-12-31
Total Expended
$3.16M
Findings
2
Programs
2
Organization: Odd Fellows South Oak Building CORP (NE)
Year: 2022 Accepted: 2023-07-20
Auditor: Dauby O'Connor & Zaleski LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
39658 2022-001 Significant Deficiency - N
616100 2022-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.84M Yes 1
14.195 Section 8 Housing Assistance Payments Program $313,479 - 0

Contacts

Name Title Type
D5CVJKKZZ4J8 Lori Vinton Auditee
3085321332 Jeremy Wilson Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - The balance of the HUD Section 207 pursuant to Section 223(f) mortgage note payable at December 31, 2022 is $2,766,315.

Finding Details

Finding 2022-001
Statement of condition 2022-001: The required deposit of $66,982, per the December 31, 2021 Computation of Surplus Cash, Distributions and Residual Receipts, was not deposited into the Residual Receipts Fund within 90 days of fiscal year end. Criteria: The Regulatory Agreement requires Surplus Cash, as defined by HUD, to be deposited into a separate Residual Receipts Fund within 90 days of fiscal year end. Effect: The Corporation was not in compliance with the Regulatory Agreement. Cause: Management did not make the required deposit to the Residual Receipts Fund within 90 days of fiscal year end based on the Computation of Surplus Cash, Distributions and Residual Receipts as of December 31, 2021. Recommendation: Management should monitor the Surplus Cash position and make required deposits to the Residual Receipts Fund within 90 days of fiscal year end. Management's response: Management concurs with the finding and agrees with the recommendation. Management deposited the $66,982 to the Residual Receipts Fund on May 13, 2022. No further action is required.
Finding 2022-001
Statement of condition 2022-001: The required deposit of $66,982, per the December 31, 2021 Computation of Surplus Cash, Distributions and Residual Receipts, was not deposited into the Residual Receipts Fund within 90 days of fiscal year end. Criteria: The Regulatory Agreement requires Surplus Cash, as defined by HUD, to be deposited into a separate Residual Receipts Fund within 90 days of fiscal year end. Effect: The Corporation was not in compliance with the Regulatory Agreement. Cause: Management did not make the required deposit to the Residual Receipts Fund within 90 days of fiscal year end based on the Computation of Surplus Cash, Distributions and Residual Receipts as of December 31, 2021. Recommendation: Management should monitor the Surplus Cash position and make required deposits to the Residual Receipts Fund within 90 days of fiscal year end. Management's response: Management concurs with the finding and agrees with the recommendation. Management deposited the $66,982 to the Residual Receipts Fund on May 13, 2022. No further action is required.