FAC Explorer

Audit 400995

FY End
2025-12-31
Total Expended
$2.21M
Findings
1
Programs
1
Organization: North Pointe Affordable Housing, LLC (SC)
Year: 2025 Accepted: 2026-05-08
Auditor: EISNERAMPER LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1214264 2025-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $2.21M Yes 1

Contacts

Name Title Type
FLHLXE4MAVK5 Jake Lindsey Auditee
2056236003 David Barker Auditor
No contacts on file

Notes to SEFA

This schedule of expenditures of federal awards includes the federal grant activity of North Pointe Affordable Housing, LLC, HUD Project No.SC16-M000-044, 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in Title 2 U.S. Code of Federal regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
For the period from January 1, 2025 through December 15, 2025 (day before date of disposition) the Company recorded $2,209,350 of its revenues from HUD under the terms of a HAP contract, which provides for rental assistance to the Company on behalf of lowincome tenants who meet certain qualifications. The Company’s future intentions and future changes in HUD regulations and the appropriations of related funds are uncertain. It is not possible to determine the ultimate impact any adverse changes in policy, regulations, appropriations, and circumstances could have on the operations of the company. As of December 15, 2025, $219,165 was due from HUD.

Finding Details

Finding 2025-001
Statement of Condition The audited financial statements for the Company were not filed electronically to the Federal Audit Clearinghouse (FAC) for the year ended December 31, 2024. Criteria Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires that non-federal entities that expend $1,000,000 or more in federal funds must submit a single audit to the FAC within 30 days of the audit report date or within 9 months of the end of the audit period, whichever is earlier. Effect Management was not in compliance with the requirement to timely submit the single audit report to FAC. Cause Management did not have controls in place to timely file its financial statements. Recommendation Management should institute procedures to ensure that the financial statements are electronically filed with the FAC within 30 days of the audit report date or within 9 months of the end of the audit period, whichever is earlier. Questioned Costs $0 Auditor Noncompliance Code Z – Other View of Responsible Officials Management concurs with the finding and will review internal control policies to ensure future reporting requirements are timely met.