FAC Explorer

Audit 401384

FY End
2025-09-30
Total Expended
$3.02M
Findings
2
Programs
2
Organization: La Maison Acadienne, Inc. (FL)
Year: 2025 Accepted: 2026-05-14
Auditor: BELLOWS ASSOCIATES P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1214653 2025-001 Material Weakness Yes N
1214654 2025-002 Material Weakness Yes B

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $2.44M Yes 2
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $575,043 Yes 0

Contacts

Name Title Type
L2QFX12K9KW8 Irene Phillips Auditee
9548359200 Jennifer R. Koffman Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of La Maison Acadienne, Inc., HUD Project No. 024-11035, 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of La Maison Acadienne, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of La Maison Acadienne, Inc.
La Maison Acadienne, Inc. has received a HUD mortgage insurance for the refinancing of existing multifamily housing projects under section 207/223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. La Maison Acadienne, Inc. received no additional loans during the year. The balance of the loan outstanding as of September 30, 2025 was $2,347,377.

Finding Details

Finding 2025-001
FINDING No. 2025-001: Section 207/223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Rental Housing Projects, ALN 14.155 Finding Resolution Status: Unresolved. Information on Universe Population Size: Replacement reserve account. Sample Size Information: Replacement reserve deposits. Identification of Repeat Finding and Finding Reference Number: No. Criteria: In accordance with HUD, required monthly deposits must be made to the Project’s replacement reserve account. Statement of Condition: The Project underfunded the replacement reserve account by $330 for the current year and did not deposit $332 to clear finding 2023-001. Cause: The Project deposited the incorrect amount required during the year, resulting in a deficiency. Effect or Potential Effect: Deficiently funded reserve for replacement account. Auditor Non-Compliance Code: N – Reserve for Replacements Deposits. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations will be adopted. Recommendation: Management should implement procedures to ensure that the correct amount is deposited into the replacement reserve account each month and that deficiencies noted in prior audit findings are adequately addressed. Response Indicator: Agree. Completion Date: 9/30/2026 Response: The verification of the correct funding amounts is now confirmed against approved 9250s on a monthly basis, and is a step that has been added on the month-end close checklist.
Finding 2025-002
FINDING No. 2025-002: Section 207/223(f) Mortgage Insurance for the Refinancing of Existing Multifamily Rental Housing Projects, ALN 14.155 Finding Resolution Status: Unresolved. Information on Universe Population Size: Management fees. Sample Size Information: All management fee expenses Identification of Repeat Finding and Finding Reference Number: No. Criteria: The Project shall only owe the management company fees at the rate specified in the Project Owner’s/Management Agent’s Certification (form HUD-9839-B). Statement of Condition: As a result of an expired form HUD-9839-B, the Project has been overcharged management fees, resulting in an unauthorized loan to the management company. Cause: The Project’s form HUD-9839-B expired. Effect or Potential Effect: The Project has made an unauthorized loan to the management company as a result of overpaying management fees of $4,146. Auditor Non-Compliance Code: J – Unauthorized Management Fees. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendation will be adopted. Recommendation: The Project should implement procedures to monitor the expiration of HUD required documents to ensure timely preparation and approval. Response Indicator: Agree. Completion Date: 9/30/2026 Response: Management is in the process of renewing all management certifications and will provide accountants with extra training to monitor.