FAC Explorer

Audit 388771

FY End
2025-12-31
Total Expended
$1.27M
Findings
1
Programs
1
Organization: Vna Apartments, Inc. (WI)
Year: 2025 Accepted: 2026-02-24
Auditor: KERBERROSE SC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1175155 2025-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.135 MORTGAGE INSURANCE RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE $1.27M Yes 1

Contacts

Name Title Type
YS4QUKFTCLX1 Becky Reichelt Auditee
9207275555 Jamie Rosin Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of VNA Apartments, Inc., HUD Project No. 075-35451-PM, 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 of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of VNA Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of VNA Apartments, Inc.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowed or are limited as to reimbursement. VNA Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
No federal awards were passed through to subrecipients during the year ended December 31, 2025.
As of December 31, 2025, the loan balance for CFDA #14.135, Mortgage Insurance – Rental Cooperative Housing for Moderate Income Families and Elderly Market Interest Rate program was $1,162,181.
The U.S. Department of Housing and Urban Development is the federal oversight agency for the Organization.

Finding Details

Finding 2025-001
Condition: During our audit, we noted that the internal control system does not include a process for preparing the annual audited financial statements and the related disclosures in accordance with GAAP. Criteria: Management is responsible for establishing and maintaining internal controls and for the fair presentation of the financial position, change in net position, and disclosures in the financial statements, in conformity with U.S. Generally Accepted Accounting Principles (GAAP). Cause: The additional costs associated with hiring staff experienced in preparing year-end financial reports, including additional training time, outweigh the derived benefits. Effect: Although the auditors are preparing the financial statements and related footnotes, management of the Organization thoroughly reviews them and accepts responsibility for their completeness and accuracy. Recommendation: We recommend that management continues to make this decision on a cost/benefit basis. Management’s Response: Management is in agreement with the finding and recommendations. Management performs the following mitigating controls: 1. Reviews and approves all adjusting entries proposed by the auditor. 2. Compares final adjusted trial balance with audited financial statements. 3. Compares HUD data schedules and supporting data with final adjusted trial balance.