FAC Explorer

Audit 401146

FY End
2025-12-31
Total Expended
$18.56M
Findings
1
Programs
3
Organization: Mi Residential Community, Inc. 023-11147 (MA)
Year: 2025 Accepted: 2026-05-12
Auditor: GRASSI & CO CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1214451 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 $6.91M Yes 0
14.314 ASSISTED LIVING CONVERSION FOR ELIGIBLE MULTIFAMILY HOUSING PROJECTS $6.05M Yes 0
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $5.60M Yes 1

Contacts

Name Title Type
SYULGJLL2NT1 Fredericka Baker Auditee
9786201446 Brendan E. Toolin Iii, CPA Auditor
No contacts on file

Notes to SEFA

The Community has received a loan guarantee from the U.S. Department of Housing and Urban Development. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Community received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 was $6,774,423.

Finding Details

Finding 2025-001
Criteria: Organizations operating the Project Based Rental Assistance (PBRA) Program are required to maintain sufficient internal controls to ensure compliance with tenant utility allowances requirement. Condition: 3 of the 18 participants selected for testing had incorrect utility charges reported on the utility allowance determination worksheet. Cause: Sufficient internal control procedures to ensure that tenant utility allowances are properly established did not exist. Effect: Tenant utility allowance potentially not properly established. Auditor's Recommendation: We recommend that an internal control procedure be implemented to ensure accuracy of the data input into the utility allowance determination worksheet. View of Responsible Officials and Planned Corrective Action: All initial data entries will be completed by the designated staff member. A second qualified staff member will systematically review the utility allowance data for accuracy prior to submission. Both staff members will sign off on the utility allowance report to certify its accuracy.