FAC Explorer

Audit 388120

FY End
2025-06-30
Total Expended
$13.26M
Findings
2
Programs
2
Organization: Fairmount I and II (CA)
Year: 2025 Accepted: 2026-02-19
Auditor: HODGES & HAMMONS INC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1174610 2025-001 Material Weakness Yes L
1174611 2025-002 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 LUMENT CAPITAL LLC, HUD LOAN GUARNTEE $9.83M Yes 1
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS $3.44M Yes 1

Contacts

Name Title Type
LFKWL6F5CL85 Noel Sweitzer Auditee
3232311104 Paul R. Hammons Auditor
No contacts on file

Finding Details

Finding 2025-001
The lack of proper controls caused the submission of Required Audit Report to HUD REAC to be late. The Audit report was dated 11/25/2025. Thus, the REAC submission was late. Entities must adhere strictly to these deadlines to maintain compliance and funding eligibility
Finding 2025-002
The lack of proper monitoring of necessary deposits to Surplus cash caused the eventual deposit to be delinquent.