FAC Explorer

Audit 399813

FY End
2023-12-31
Total Expended
$7.47M
Findings
1
Programs
2
Organization: Cornerstone Homes River Gardens, Inc. (LA)
Year: 2023 Accepted: 2026-04-27
Auditor: JOHNSON PERRY ROUSSEL & CUTHBERT LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1208852 2023-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $7.32M Yes 1
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $147,407 Yes 0

Contacts

Name Title Type
HHJ1FXBNACY8 Lolita Thompson Auditee
3183231411 James Cuthbert Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal award activity of Cornerstone Homes River Garden, Inc., HUD Project No. 064EE167, 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Cornerstone Homes River Garden, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cornerstone Homes River Garden, Inc.
The outstanding balance of the capital advance at December 31, 2022 was $7,320,155.

Finding Details

Finding 2023-001
Criteria: The Regulatory Agreement between the Entity and HUD requires the Entity to make monthly deposits in the amount of $700 per month. Condition: The entity’s Reserve for Replacement account was underfunded in the amount of $3,005 as of December 31, 2023. Cause: Cash Flow Shortage. Effect: The Entity is in direct violation of the HUD Regulatory Agreement. Other Information: 4.3 months of 12 are delinquent. Recommendation: Management deposited $3,005 into the Reserve for Replacement account on April 15, 2026 to cover the shortage. Response: Management deposited $3,005 into the Reserve for Replacement account on April 15, 2026 to cover the shortage.