FAC Explorer

Audit 408175

FY End
2023-12-31
Total Expended
$2.07M
Findings
6
Programs
2
Organization: Salem Housing Development Corporation (NE)
Year: 2023 Accepted: 2026-07-29
Auditor: DAUBY O'CONNOR & ZALESKI LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1224921 2023-001 Material Weakness Yes L
1224922 2023-002 Material Weakness Yes C
1224923 2023-003 Material Weakness Yes C
1224924 2023-004 Material Weakness Yes L
1224925 2023-005 Material Weakness Yes C
1224926 2023-006 Material Weakness Yes C

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $1.67M Yes 6
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $399,566 Yes 0

Contacts

Name Title Type
LB5BNE6J4Q19 Mark Owsley Auditee
4024901907 Jeff Lathrop Auditor
No contacts on file

Notes to SEFA

The balance of the HUD Section 207 pursuant to Section 223(f) mortgage note payable at December 31, 2023 is $1,625,427.

Finding Details

Finding 2023-001
For the year ended December 31, 2023, the Corporation did not submit audited financial statements to HUD within the required time period.
Finding 2023-002
The Corporation did not make the required deposit to the residual receipts fund in the amount of $61,668.
Finding 2023-003
As of December 31, 2023, there was no segregated security deposit account and the liability of $11,902 was not properly funded.
Finding 2023-004
For the year ended December 31, 2022, the Corporation did not submit Data Collection Form to FAC within the required time period.
Finding 2023-005
The Corporation did not make all of the required deposits to the reserve for replacements fund for the year ended December 31, 2023 in the amount of $561.
Finding 2023-006
At December 31, 2023, the management agent was unable to provide supporting invoices for 6 disbursements.