FAC Explorer

Audit 41165

FY End
2022-03-31
Total Expended
$4.35M
Findings
2
Programs
3
Organization: Housing Authority of the City of Victoria (TX)
Year: 2022 Accepted: 2023-01-02
Auditor: Aprio LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
43338 2022-001 - - P
619780 2022-001 - - P

Programs

ALN Program Spent Major Findings
14.872 Public Housing Capital Fund $464,918 - 0
14.871 Section 8 Housing Choice Vouchers $64,420 - 0
14.850 Public and Indian Housing $22,104 - 0

Contacts

Name Title Type
UJNWM49GLRU3 Arelecia Dee Ross Auditee
3615753862 Becky 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 grant activity of the Authority and is presented on the accrual basis of accounting. 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 notintended to and does not present the financial net position, changes in net position or cash flows of theAuthority.

Finding Details

Finding 2022-001
Finding 2022-001 ? Insufficient Collateralization of Deposits ) ? Other Matter Public Housing Program ? CFDA No. 14.850, Year ended March 31, 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 & Cause: The Authority did not have collateralization for $309,338 invested as of March 31, 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 $309,338 in federal funds. 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 Interim Executive Director, Arelecia Ross, has assumed the responsibility of maintaining sufficient collateral and will monitor account balances regularly.
Finding 2022-001
Finding 2022-001 ? Insufficient Collateralization of Deposits ) ? Other Matter Public Housing Program ? CFDA No. 14.850, Year ended March 31, 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 & Cause: The Authority did not have collateralization for $309,338 invested as of March 31, 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 $309,338 in federal funds. 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 Interim Executive Director, Arelecia Ross, has assumed the responsibility of maintaining sufficient collateral and will monitor account balances regularly.