FAC Explorer

Audit 40944

FY End
2022-06-30
Total Expended
$918,857
Findings
2
Programs
2
Organization: Housing Authority of the City of Piedmont (AL)
Year: 2022 Accepted: 2023-03-26
Auditor: Aprio LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
46605 2022-001 - - N
623047 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.872 Public Housing Capital Fund $51,090 - 0
14.850 Public and Indian Housing $33,665 - 0

Contacts

Name Title Type
MYF7YFW4V2L4 Kelley Ballew Auditee
2564477233 Rebecca McCune Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The above Schedule of Expenditures of Federal Awards includes the federal award activity of the Authority under programs of the federal government for the year ended June 30, 2022. The information on 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. Because the Schedule presents only a selected portion of operations of the Authority, it is not intended to and does not present the financial net position, changes in net position, or cash flows of the Authority.

Finding Details

Finding 2022-001
Finding 2022-001 ? Insufficient Collateralization of Deposits Public Housing Program ? CFDA No. 14.850, Year ended June 30, 2022 Criteria: PIH notice 96-33 requires all funds in excess of FDIC coverage be collateralized with specific approved governmental securities held in the Authority?s name. Condition: The Authority did not have collateralization for $158,703 invested as of June 30, 2022, which was not insured by FDIC or invested in U.S. Treasury Obligations. Potential Effect: Had there been a bank failure or theft the Authority may not have recovered up to $15,703 in federal funds. Perspective Information: This was a timing issue for the transfer of funds. On July 21, 2022, the Authority transferred $300,000 to another bank. Recommendation: We recommend the Authority monitor their bank balances with financial institutions on a monthly basis to assure the banks have sufficient collateral pledged at all times. Reply and Corrective Action Plan: The Authority?s Executive Director, Kelley Ballew, has assumed the responsibility of maintaining sufficient collateral and will monitor account balances regularly.
Finding 2022-001
Finding 2022-001 ? Insufficient Collateralization of Deposits Public Housing Program ? CFDA No. 14.850, Year ended June 30, 2022 Criteria: PIH notice 96-33 requires all funds in excess of FDIC coverage be collateralized with specific approved governmental securities held in the Authority?s name. Condition: The Authority did not have collateralization for $158,703 invested as of June 30, 2022, which was not insured by FDIC or invested in U.S. Treasury Obligations. Potential Effect: Had there been a bank failure or theft the Authority may not have recovered up to $15,703 in federal funds. Perspective Information: This was a timing issue for the transfer of funds. On July 21, 2022, the Authority transferred $300,000 to another bank. Recommendation: We recommend the Authority monitor their bank balances with financial institutions on a monthly basis to assure the banks have sufficient collateral pledged at all times. Reply and Corrective Action Plan: The Authority?s Executive Director, Kelley Ballew, has assumed the responsibility of maintaining sufficient collateral and will monitor account balances regularly.