FAC Explorer

Audit 415561

FY End
2026-06-30
Total Expended
$11.07M
Findings
1
Programs
1
Organization: St. Joseph Garden Courts, Inc. 067-Ee138-Wah (FL)
Year: 2026 Accepted: 2026-11-02
Auditor: DAVIS GROUP PA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1241471 2026-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $403,141 Yes 1

Contacts

Name Title Type
HCNGHJX6UGW9 Gil Dejardens Auditee
4076581818 Michael Haslach Auditor
No contacts on file

Finding Details

Finding 2026-001
The regulatory agreement specifies that the mortgagor shall establish and maintain a reserve for replacements with the mortgage, funded by monthly deposits. During the year ended June 30, 2026, St. Joseph Garden Courts, Inc. did not fund the reserve for replacements account in accordance with the Regulatory Agreement. The required monthly deposits of $5,175 were not made each month. The Project deposited a total of $52,756 during 2026, resulting in an underfunding of $9,344. The Project did not fully fund the reserve for replacements account in accordance with the Regulatory Agreement. The Project was underfunded by $9,344 as of June 30, 2026. Although the Project maintained a replacement reserve balance of $170,897 and no significant replacement or repair activities were pending during the period, the Project was not in compliance with the required reserve funding provisions of the HUD Regulatory Agreement.