FAC Explorer

Audit 399374

FY End
2024-03-31
Total Expended
$1.60M
Findings
1
Programs
1
Organization: Thompson-Woodlief Apartments, Inc. (KY)
Year: 2024 Accepted: 2026-04-22
Auditor: DEMING MALONE LIVESAY & OSTROFF PSC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1208409 2024-002 Material Weakness Yes E

Programs

ALN Program Spent Major Findings
14.181 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES $1.60M Yes 1

Contacts

Name Title Type
PMU6ASD9DAP8 Julie Kemp Auditee
5025893030 Liza Newbanks Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Thompson-Woodlief Apartments, Inc. under programs of the federal government for the year ended March 31, 2024. 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 Thompson-Woodlief Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Thompson-Woodlief 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Thompson-Woodlief Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
Thompson-Woodlief Apartments, Inc. provided no federal funding to subrecipients for the year ended March 31, 2024.

Finding Details

Finding 2024-002
Criteria: The Organization is required to perform an annual recertification of all tenants, which requires verifying tenant income and documenting eligibility with HUD Form 50059. Tenants are required to sign the form, and it must be maintained within the Organization’s tenant file, along with supporting documentation. Statement of Condition: The Organization did not maintain signed annual recertification forms for the tenant files tested during the audit and did not maintain all of the information such as the EIV reports in the files to support the data used in its preparation. Cause of condition: The Organization did not pursue tenant compliance after letters for recertification were mailed to the tenants. Effect of condition: There is no evidence of a tenant’s eligibility for rent assistance maintained by the Organization in the tenant file. Recommendation: The design of the current controls should be reviewed to ensure tenant files are complete and accurate. The Organization should fill out and maintain HUD Form 50059 for each annual recertification and keep information in the files that support the data used in its preparation. Tenants should sign the recertification form. In addition, management should review all files and report any discrepancies to HUD in a timely manner. Views of Responsible Officials: Management agrees with the finding and will implement procedures to ensure tenant recertifications are documented in accordance with HUD guidelines and that proper documentation is maintained within the tenant files.