FAC Explorer

Audit 384123

FY End
2025-06-30
Total Expended
$1.66M
Findings
1
Programs
2
Organization: Laceleaf Corporation (OR)
Year: 2025 Accepted: 2026-01-28
Auditor: PLATFORM CPAS LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1170833 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.181 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES $1.50M Yes 1
14.239 HOME INVESTMENT PARTNERSHIPS PROGRAM $158,695 Yes 0

Contacts

Name Title Type
C16HYQ36NEH5 Marcia Hille Auditee
5036191945 Greg Montplaisir Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Laceleaf Company (the “Company”) 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Laceleaf Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Company.
The Company has received loans funded by programs of U.S. Department of Housing and Urban Development. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Such balances have been included as net assets with donor restrictions in the financial statements of the Company as of June 30, 2025 since the likelihood of repayment is remote. The Company received no additional loans during the year ended June 30, 2025. The balances of the outstanding loans at June 30, 2025 consist of: Federal Assistance Listing Number Program Name Outstanding Balances 14.181 Supportive Housing for Persons with Disabilities (Section 811) $1,444,400 14.239 Home Investment Partnership Program 158,695 $1,603,095

Finding Details

Finding 2025-001
Type of Finding – Federal Award Finding Finding Resolution Status – Resolved Identification of Repeat Finding and Finding Reference Number – N/A Criteria or Specific Condition – The owner is responsible for annually reexamining incomes of households occupying assisted units and make appropriate adjustments to the tenant payment and the project rental assistance payment (24 CFR section 891.410). Statement of Condition – Annual recertifications of existing tenants were not completed in a timely manner for 1 out of 15 units during the year ended June 30, 2025. It is expected that the recertification for this tenant, that moved into the Project in January 2025, will be retroactively certified as of the move in date on the October 2025 HAP voucher. Cause – The annual recertifications were not done in a timely manner due to staff turnover at the Project, along with staffing changes and the installation of new software at the third party processor of HAP billings. Effect or Potential Effect – The Project is not in compliance with the regulatory requirements. Auditor Non-Compliance Code – Z – Eligibility Questioned Costs – None Reporting View of Responsible Officials – We concur with the auditor’s recommendation. Recommendation – The Project should complete the recertification process for the tenants in a timely manner. Auditor’s Summary of the Auditee’s Comments on the Findings and Recommendations – Agree Response Indicator – Agree Completion Date – October 1, 2025 Response – The tenant recertifications will be monitored by the owner to ensure they are being completed in a timely manner.