FAC Explorer

Audit 411961

FY End
2024-12-31
Total Expended
$1.11M
Findings
1
Programs
1
Organization: Villa Del Sol Senior Housing, Inc. 116-Eh099 (NM)
Year: 2024 Accepted: 2026-09-24
Auditor: FOX GARCIA & COMPANY LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1236330 2024-001 Material Weakness Yes C

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $139,272 Yes 0

Contacts

Name Title Type
WUKKTUMK4XL3 Bobby Griffith Auditee
5053256515 Diane Fox Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal grant activity of Villa del Sol Senior Housing, Inc., HUD Project Number 116-EH099, 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 Villa del Sol Senior Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Villa del Sol Senior Housing, Inc.
Villa del Sol Senior Housing, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Villa del Sol Senior Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 consists of: Federal Assistance Listing Number (ALN) 14.157 Program Name Supportive Housing for the Elderly - Capital Advance Outstanding Balance at December 31, 2024 $ 967,100

Finding Details

Finding 2024-001
Replacement Reserve Account Underfunding Criteria: The replacement reserve account should be funded annually in accordance with the HUD loan agreement. Condition: The replacement reserve account was reported to be underfunded $12,332 as of December 31, 2024. The entity did not make the required deposits for the year which also includes a prior year delinquency. Cause: Funds were not available to adequately fund the replacement reserve account. Effect: Funds would not be available for major capital expenditures that could be necessary. Recommendation: We recommend management request a deposit suspension from HUD until cash flow improves. Management Response: Management plans to restore the replacement reserve to the required balance when funds are available. They have also submitted for rent increases to assist with cash flow. The expected completion date is July 31, 2026.