FAC Explorer

Audit 400498

FY End
2025-12-31
Total Expended
$2.12M
Findings
1
Programs
2
Organization: R-Lcoa Housing Development Corporation, Inc. (SC)
Year: 2025 Accepted: 2026-05-04
Auditor: THE BRITTINGHAM GROUP LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1213587 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.U01 MORTGAGE INSURANCE_RENTAL HOUSING FOR THE ELDERLY $1.65M Yes 1
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $471,317 Yes 0

Contacts

Name Title Type
XAVMXERAMFQ5 Chanda Richardson Auditee
8035454261 Randall Cooper Auditor
No contacts on file

Notes to SEFA

R-LCOA Housing Development Corporation, Inc. has adopted Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards were adopted to fulfill the financial and compliance audit requirements of federal grantor agencies. For purposes of implementing Uniform Guidance, federal grant awards were made susceptible to audit and are included in the Schedule of Expenditures of Federal Awards.
The outstanding balance of the HUD Section 223(f) – R-LCOA Housing Development Corporation, Inc. loan is $1,592,917 at December 31, 2025. Principal amortization of this loan was $53,883 for the year ended December 31, 2025.

Finding Details

Finding 2025-001
2025-001 Criteria: The Corporation is required to hold tenant security deposits in a separate account. Condition: The Corporation did not maintain a sufficient balance in the security deposit account to cover the related security deposit liabilities. Cause:T he Corporation did not have procedures in place to ensure that the security deposit account maintained a sufficient balance. Effect: The Corporation was not in compliance with the requirements of Housing and Urban Development Multifamily Housing Programs. Auditor’s Recommendation: The Corporation’s management should implement procedures to ensure that there are sufficient deposits to cover the security deposit liability. Management Response: Management concurs with the finding and is updating policies and procedures to ensure compliance in the future.