FAC Explorer

Audit 399855

FY End
2025-06-30
Total Expended
$778,229
Findings
1
Programs
2
Organization: Cedar Street Senior Apartments (CA)
Year: 2025 Accepted: 2026-04-27
Auditor: PROPP CHRISTENSEN CANIGLIA LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1208901 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $692,300 Yes 1
14.129 MORTGAGE INSURANCE NURSING HOMES, INTERMEDIATE CARE FACILITIES, BOARD AND CARE HOMES AND ASSISTED LIVING FACILITIES $85,929 Yes 0

Contacts

Name Title Type
L8DSR688BCZ7 Chrissie Keeney Auditee
7078251521 Justin Gierth Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Cedar Street Senior Apartments, Inc., HUD Project No. 121-EE118-NP-WAH, under programs of the federal government 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 the selected portion of the operations of Cedar Street Senior Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cedar Street Senior Apartments, Inc.
The mortgage payable represents a permanent building loan provided by HUD. The balance outstanding on the mortgage as of June 30, 2025, totaled $692,300.

Finding Details

Finding 2025-001
Finding No. 2025-001 Type of Finding: Noncompliance Finding Finding Resolution Status: Open Questioned Costs: None Noncompliance Information: 1 instance of noncompliance Auditor Noncompliance Code: D – Replacement Reserve Statement of Condition Required replacement reserve deposits in an amount equal to $294.70 per month were not made during the 2025 year. Criteria The Organization is required to fund the replacement reserve in the amount of $294.70 per month in accordance with the HUD Regulatory Agreement. Effect The Organization is out of compliance with HUD regulations. Cause The underfunding of the replacement reserve account was the result of an inadvertent bookkeeping oversight. Recommendation We recommend the Organization transfer $3,536.40 to the replacement reserve cash account. Reporting Views of Responsible Officials Management is aware the required deposits to the replacement reserve account were not made and will transfer $3,536.40 to the replacement reserve cash account.