FAC Explorer

Audit 402211

FY End
2025-12-31
Total Expended
$4.90M
Findings
1
Programs
1
Organization: Farrell-Bell Senior Housing Apartments, Inc. 073-Ee119 (IN)
Year: 2025 Accepted: 2026-05-26
Auditor: AGRESTA STORMS & O'LEARY

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1215546 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $265,076 Yes 0

Contacts

Name Title Type
FCBBXFGR5A37 Td Robinson Auditee
3172818794 Matt Buchmeier Auditor
No contacts on file

Notes to SEFA

The Corporation has entered into a Capital Advance Program Mortgage Note (the Note) for a capital advance not to exceed $5,182,600. The note bears no interest, and repayment is not required as long as the housing project remains available for very low-income elderly persons, in accordance with Section 202 of the National Affordable Housing Act of 1990 and the Project Rental Assistance Contract and is operated in accordance with the regulatory agreement and HUD regulations. The Note is secured by the mortgage upon the land, building and equipment and other amounts held by the Corporation. At December 31, 2025, the balance of the Note was $4,635,400.

Finding Details

Finding 2025-001
Finding No. 2025-001 Statement of Condition: The Corporation made an unauthorized withdrawal from the replacement reserve account in a prior year. Criteria: The Corporation is required to receive authorization from HUD prior to withdrawing funds from the reserve account. Questions Costs: $35,000 Effect: The replacement reserve account is underfunded causing non-compliance with the regulatory agreement. Cause: The Corporation withdrew cash from the reserve account to pay for operating expenses due to delays in PRAC being renewed resulting in the account being underfunded. Recommendation: The Corporation should reimburse the replacement reserve account when funds are available. Management Response: Management agrees with the finding and will reimburse the replacement reserve account when funds are available.