FAC Explorer

Audit 382985

FY End
2024-12-31
Total Expended
$1.44M
Findings
4
Programs
2
Organization: Calvary Housing Development, Ltd. (WI)
Year: 2024 Accepted: 2026-01-21
Auditor: WILLIAMS CPA LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1169820 2024-001 Material Weakness Yes F
1169821 2024-001 Material Weakness Yes F
1169822 2024-002 Material Weakness Yes F
1169823 2024-002 Material Weakness Yes F

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects (Section 223f) $1.07M Yes 2
14.195 Section 8 Housing Assistance Payments Program $367,245 Yes 2

Contacts

Name Title Type
L37WKN63B247 Vanessa Brown Auditee
4145874448 Noel Williams Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the `Schedule`) includes the federal grant activity of the organization under programs of the federal government as of and for the year ended December 31, 2023, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
The organization does not have any subrecipients or subrecipient expenditures as of December 31, 2024.
The mortgage balance at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage as of December 31, 2024 is $1,041,275.

Finding Details

Finding 2024-001
Criteria – The inability to report financial data reliably in accordance with accounting principles generally accepted in the United States of (GAAP) is considered to be an internal control deficiency. Condition – The Company’s internal control over financial reporting extends through completion of the general ledger, but not to preparation of GAAP compliant financial statements and notes. As auditors, we were requested to draft the financial statements, and the accompanying notes to the financial statements. The auditors believe, in the auditors’ judgment, the Company does possess the necessary expertise to prepare the financial statements but has chosen to engage the auditors to perform this component service. Cause – Management and those charged with governance have accepted this condition because of cost. Effect – As a result of not having an individual on staff to prepare GAAP basis financial statements, the Company has an internal control deficiency. Recommendation – We recommend that management and those charged with governance continue to oversee and accept responsibility for the financial statement preparation services.
Finding 2024-002
Criteria – Recording of transactions in accordance with GAAP. Condition – Material audit adjustments were required to prevent the Organization’s financial statements from being materially misstated. Cause – Three casualty events and some uncertainty about final cost and insurance recovery contributed to incomplete event recordings. Effect – These material adjustments could have resulted in a material misstatement of the Organization’s financial statements. Recommendation – We recommend the Organization review the current year audit adjustments and attempt to adjust accounts to actual in the future.