FAC Explorer

Audit 400750

FY End
2025-07-31
Total Expended
$1.73M
Findings
1
Programs
2
Organization: Abundant Life of Perrysburg INC (OH)
Year: 2025 Accepted: 2026-05-06
Auditor: CLIFTONLARSONALLEN LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1213912 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $1.23M Yes 1
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $505,334 Yes 0

Contacts

Name Title Type
GKC2QE5J83T6 Jenn Polter Auditee
4198744371 Ken Saggese Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards, which includes all federal grant activity of Abundant Life of Perrysburg, Inc., is prepared 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). Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used, in the preparation of the financial statements.
The balance of the HUD insured mortgage outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. There were no additional HUD loans during the year. The balance of the HUD insured mortgage outstanding at July 31, 2025 is as follows: Program Title FederalAssistanceListing Number Outstanding Amount U.S. Department of Housing and Urban Development: Mortgage Insurance for The Purchase or Refinancing of Existing Multifamily Housing Projects 14.155 $ 1,189,333

Finding Details

Finding 2025-001
Federal Agency: U.S. Department of Housing and Urban Development Federal Program Name: Supportive Housing for Elderly Persons Assistance Listing Number: 14.155 Award Period: August 1, 2024 to July 31, 2025 Type of Finding:  Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Per HUD requirements Surplus Cash calculated in the prior year must be deposited into a separate residual receipts account within 90 days of year end. Condition: During our testing, we noted that Abundant Life of Perrysburg failed to make the required deposit of surplus cash that was calculated in the 2024 audited financial statements within the 90-day time frame prescribed by HUD. Questioned costs: None Context: Due to receiving an authorized HUD withdrawal from the Reserve for Replacement account in July of 2024 the entity ended the year with surplus cash, the entity had been prudent in calculating potential surplus cash in June of 2024; however, the timing of the transfer from the Reserve for Replacement account into the operating account resulted in the out of the ordinary cash increase. Cause: The entity did not recalculate surplus cash at year end resulting in the late payment of the surplus cash to residual receipts. Effect: The residual receipts account is not in compliance with HUD Residual Receipts Provisions and is underfunded. Repeat Finding: No Recommendation: We recommend that Abundant Life of Perrysburg design and implement controls to prevent non-compliance with HUD requirements surrounding surplus cash deposits such as recalculating surplus cash at the end of the year after all transactions have been posted. Views of responsible officials: There is no disagreement with the audit finding. Department of Housing and Urban Development Abundant Life of Perrysburg, Inc. respectfully submits the following summary schedule of prior audit findings for the year ended July 31, 2025. Audit period: July 31, 2024 The findings from the prior audit’s schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the prior year.