FAC Explorer

Audit 389093

FY End
2025-03-31
Total Expended
$2.56M
Findings
2
Programs
2
Organization: Golden Thread Housing, Inc. (IA)
Year: 2025 Accepted: 2026-02-25
Auditor: DENMAN CPA LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1175366 2025-001 Material Weakness Yes N
1175367 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 Section 202 Capital Advance Agreement $2.48M Yes 1
14.182 Project Rental Assitance Contract $80,913 Yes 1

Contacts

Name Title Type
KA2DT4KNWPC8 Terry Jacobsen Auditee
6413422522 Stephen Bruner Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Project under programs of the federal government for the year ended March 31, 2025. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Project.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Project has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2025-001
: A properly designed internal control structure relies greatly on a proper segregation of duties between several individuals. In the ideal situation, duties related to initiating, authorizing, recording, processing and reporting financial data would be segregated so that there is a reasonable possibility that a material misstatement of the entity’s financial statements would be prevented or detected. In addition, the Project should have effective controls over the selection and application of accounting principles that are in conformity with generally accepted accounting principles. The application of such principles is necessary to ensure that the entity’s financial statements and notes to the statements are prepared in accordance with generally accepted accounting principles.