FAC Explorer

Audit 399675

FY End
2025-12-31
Total Expended
$1.34M
Findings
1
Programs
1
Organization: Meridian Place Development Corporation (OH)
Year: 2025 Accepted: 2026-04-24
Auditor: PACKER THOMAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1208807 2025-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.181 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES $103,143 Yes 1

Contacts

Name Title Type
FM6PGZS7HU46 Darla Gallagher Auditee
3302598632 Richard Schafer Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of Meridian Place Development Corporation, HUD Project No: 042-HD026, under the programs of the federal government for the year ended December 31, 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 Meridian Place Development Corporation, HUD Project No: 042-HD026 it is not intended to and does not present the finacial position, changes in net assets and cash flows of Meridian Place Development Corporation, HUD Project No: 042-HD026.
The amount of $1,237,500 shown on the Schedule of Expenditures of Federal Awards represents the capital advance from HUD outstanding at the beginning of the year. There were no loans or capital advances made during the year. The balance of loans outstanding at December 31, 2025 amounted to $1,237,500.

Finding Details

Finding 2025-001
Statement of Criteria: The Project is required to obtain HUD Approval for tenant rent increase. Statement of Condition: During the year, it was noted that the Project received HUD Approval for a rent increase; however, the increase was not implemented. As a result, tenant rents charged did not reflect the new HUD-approved rate. Statement of Cause: Management did not have adequate controls in place to ensure that HUD-approved rent increases were consistently and timely updated within the tenant billing system. Additionally, there as a lack of review procedures to verify that revised review schedules were accurately applied. Statement of Effect: The Project is not in compliance with HUD rent-setting requirements, which may result in undercollection of revenue. Recommendation: Management should implement procedures to ensure HUD-approved rent increases are recorded in a timely manner, accurately applied, and supported by proper documentation. Management Response: See corrective action plan for managements' response.