FAC Explorer

Audit 40784

FY End
2022-12-31
Total Expended
$2.70M
Findings
2
Programs
1
Organization: Essex of Waunakee, Inc. (IL)
Year: 2022 Accepted: 2023-08-28
Auditor: Haran & Assocaites LTD

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
51722 2022-001 Material Weakness - L
628164 2022-001 Material Weakness - L

Programs

ALN Program Spent Major Findings
14.134 Mortgage Insurance_rental Housing $2.70M Yes 1

Contacts

Name Title Type
S2WYDAT5HMP3 Michael Fiandaca Auditee
3124561840 Kevin Cogan Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: For purposes of the schedule of expenditures of federal awards, federal awards include all grants, contracts, loans, andloan guarantee agreements entered into directly between the Corporation and agencies and departments of the federalgovernment. The accompanying schedule of expenditures of federal awards is prepared on the accrual basis ofaccounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balances outstanding at the end of the audit period were 2647742.
Title: SCOPE OF AUDIT PURSUANT TO UNIFORM GUIDANCE Accounting Policies: For purposes of the schedule of expenditures of federal awards, federal awards include all grants, contracts, loans, andloan guarantee agreements entered into directly between the Corporation and agencies and departments of the federalgovernment. The accompanying schedule of expenditures of federal awards is prepared on the accrual basis ofaccounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. All federal grant activities of ESSEX OF WAUNAKEE, INC. are included in the scope of the U.S. Office ofManagement and Budget Uniform Guidance audit.Under Government Auditing Standards and U.S. Department of Housing and Urban Development (HUD) Regulations,the Corporations mortgage insurance is considered a major program.

Finding Details

Finding 2022-001
Finding 2022-1 Statement of Condition: The annual reporting package for the year ended December 31, 2021 has not been submitted to the Federal Audit Clearinghouse within the required timeframe. Criteria: Uniform Guidance and Federal Clearinghouse requirements require that non-federal entities transmit their annual reporting package to the Federal Audit Clearinghouse within the earlier of 30 days after receipt of the auditor?s report or nine months after the end of the audit period. Effect or Potential Effect: Noncompliance with Uniform Guidance and Federal Clearinghouse requirements. Cause: Procedures in place were not adequate to ensure the timely submission of the reporting package. Recommendation: Annual reporting packages should be submitted to the Federal Audit Clearinghouse no later than September 30th of the subsequent year. Reporting Views of Responsible Official: We concur with Finding 2022-1. The Corporation will submit the late filing as soon as possible. Status: Open
Finding 2022-001
Finding 2022-1 Statement of Condition: The annual reporting package for the year ended December 31, 2021 has not been submitted to the Federal Audit Clearinghouse within the required timeframe. Criteria: Uniform Guidance and Federal Clearinghouse requirements require that non-federal entities transmit their annual reporting package to the Federal Audit Clearinghouse within the earlier of 30 days after receipt of the auditor?s report or nine months after the end of the audit period. Effect or Potential Effect: Noncompliance with Uniform Guidance and Federal Clearinghouse requirements. Cause: Procedures in place were not adequate to ensure the timely submission of the reporting package. Recommendation: Annual reporting packages should be submitted to the Federal Audit Clearinghouse no later than September 30th of the subsequent year. Reporting Views of Responsible Official: We concur with Finding 2022-1. The Corporation will submit the late filing as soon as possible. Status: Open