FAC Explorer

Audit 405748

FY End
2025-09-30
Total Expended
$1.25M
Findings
1
Programs
2
Organization: Community Apartments Corporation of Wilson County #3 (NC)
Year: 2025 Accepted: 2026-06-30
Auditor: APPLE KOCEJA & ASSOCIATES PA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1221473 2025-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.181 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES $1.23M Yes 1
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $16,865 Yes 0

Contacts

Name Title Type
SLQWRM1PN8K8 Lisa Pardue Auditee
3362734404 Brett Koceja Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal award activity of Community Apartments Corporation of Wilson County #3 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). Because the schedule presents only a selected portion of the operations of Community Apartments Corporation of Wilson County #3, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Apartments Corporation of Wilson County #3.
Community Apartments Corporation of Wilson County #3 has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Housing Act. The Assistance Listing Number 14.181 (Supportive Housing for Persons with Disabilities) amount of $1,230,000 represents the outstanding loan balance at September 30, 2025, the end of the audit period.

Finding Details

Finding 2025-001
Supportive Housing for Persons with Disabilities (Section 811), ALN 14.181 Criteria: The Project’s occupancy rate should be adequate to maintain Project operations. Statement of Condition: The Project’s vacancy expense was 54% of rental revenue for the year ended September 30, 2025. Cause: Of the Project’s fourteen units, six were vacant for the entire year, one was vacant for eight months, and two units were vacant for approximately two months each. Effect: Decreased revenue may result in excessive future usage of replacement reserve funds. Decreased revenue may also negatively impact the Project’s ability to fund future Project operations. Recommendation: The Project should continue its efforts to obtain tenants and decrease vacancies. Views of Responsible Officials: We agree with the finding. The Project will continue its attempts to decrease vacancies.