FAC Explorer

Audit 395906

FY End
2025-06-30
Total Expended
$3.84M
Findings
2
Programs
2
Organization: La Posada of Los Angeles, Inc. (CA)
Year: 2025 Accepted: 2026-03-30
Auditor: KKAJ LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1201238 2025-001 Material Weakness Yes N
1201239 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $2.84M Yes 1
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $1.01M Yes 1

Contacts

Name Title Type
P9JUEYWMMB55 Sarkis Avedikian Auditee
3232583512 Thomas Engman 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 June 30, 2025. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the organization.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Passthrough entity identifying numbers are presented where applicable. The organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 at June 30, 2025 is $2,750,201.

Finding Details

Finding 2025-001
FINDING NUMBER 2025-001: SUBMISSION OF THE AUDIT TO THE FEDERAL CLEARING HOUSE, UG LISTING 14.155 AND 14.195 Statement of Condition: Management is responsible submitting the audit package to the Federal Audit Clearinghouse within 9 months of the fiscal year end. Criteria: The audit package was submitted after the 9 month deadline. Effect: The Federal Audit Clearinghouse received the information late. It should be noted that the audit information was timely submitted to HUD in the REAC system. Cause: During the period the process for submitting the audit package to the Federal Audit Clearinghouse changed, which caused some confusion. Also, there was some miscommunication between the auditor and the auditee. Recommendation: In the future the audit package should be timely filed with the Federal Audit Clearinghouse. Non-compliance code: Z – Other.