FAC Explorer

Audit 400190

FY End
2025-12-31
Total Expended
$6.72M
Findings
1
Programs
1
Organization: Kings Crossing Apartments (MN)
Year: 2025 Accepted: 2026-04-29
Auditor: WIPFLI LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1210858 2025-002 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $337,030 Yes 1

Contacts

Name Title Type
CLD1SL6FYYT1 Collyn Iblings Auditee
6516328841 Donna Mae Huss Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Kings Crossing Apartments (HUD Project No. 092-EE130) under the program 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Kings Crossing Apartments (HUD Project No. 092-EE130), it is not intended to, and does not present the financial position, changes in net assets, or cash flows of Kings Crossing Apartments (HUD Project No. 092-EE130).
Kings Crossing Apartments (HUD Project No. 092-EE130) received a capital advance from the U.S. Department of Housing and Urban Development under Section 202 of the National Housing Act that has been accounted for as a contribution and is reported in net assets with donor restrictions in the Project’s financial statements. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional capital advances during the year. The balance of the capital advance outstanding at December 31, 2025, is $6,378,400.
The Project passed no federal awards through to subrecipients.

Finding Details

Finding 2025-002
Condition: The Project withdrew $15,784 from the replacement reserve account without allowable costs or proper authorization from the U.S Department of Housing and Urban Development. The amount withdrawn was approved for a related HUD Project and accidently drawn from the wrong Project’s replacement reserve account in error. Criteria: The Project may only distribute funds from the replacement reserve upon approval from HUD and for costs related to repair and replacement needs for the project. Cause: Management oversight. Effect: The Project is in violation of its regulatory agreement. Recommendation: The Project should replenish the replacement reserve account for the $15,784 that was withdrawn in error. View of Responsible Officials: The Project agrees and will replenish the replacement reserve account.