FAC Explorer

Audit 42234

FY End
2022-12-31
Total Expended
$4.31M
Findings
4
Programs
1
Organization: Nate Smith Housing Corporation (MA)
Year: 2022 Accepted: 2023-05-14
Auditor: Cohnreznick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
49826 2022-001 Significant Deficiency - P
49827 2022-001 Significant Deficiency - P
626268 2022-001 Significant Deficiency - P
626269 2022-001 Significant Deficiency - P

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $359,892 Yes 1

Contacts

Name Title Type
WKJ8M52KPL87 Robert Fine Auditee
7817941037 Karen Kent Auditor
No contacts on file

Notes to SEFA

Title: Federal loan program Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Nate Smith Housing Corporation (the "Corporation") under programs of the federal government for the year ended December 31, 2022. 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. For the year ended December 31, 2022, no awards were passed through to subrecipients. De Minimis Rate Used: Y Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" and the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Corporation has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Affordable Housing Act. Balances and transactions relating to this program are included in net assets without donor restrictions in the Corporation's basic financial statements. Loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Corporation received no additional loans during the year ended December 31, 2022. The balance of the loan outstanding as of December 31, 2022 consists of: Assistance Listing Number: 14.157, Program Name: Section 202 Capital Advance, Outstanding December 31, 2022: $3,949,800

Finding Details

Finding 2022-001
Department of Housing and Urban Development Finding No. 2022-001 Late Filing; Assistance Listing Number 14.157 Supportive Housing for the Elderly Criteria Audited financial statement data submissions are due within 90 days of the fiscal year end. Statement of Condition The audited annual financial statement data for the year ended December 31, 2021 was not timely submitted to HUD via the Real Estate Assessment Center (REAC) system and data collection form. Cause The Sponsor required additional time for resolving entity fees and accounting related matters. Effect or Potential Effect The audited annual financial statement data was not filed timely to REAC. Recommendation Audited financial statements should be timely filed. Auditor Noncompliance Code Other. Views of Responsible Officials The Sponsor made note that audited financial statements should be timely filed. Finding Resolution Status Resolved.
Finding 2022-001
Department of Housing and Urban Development Finding No. 2022-001 Late Filing; Assistance Listing Number 14.157 Supportive Housing for the Elderly Criteria Audited financial statement data submissions are due within 90 days of the fiscal year end. Statement of Condition The audited annual financial statement data for the year ended December 31, 2021 was not timely submitted to HUD via the Real Estate Assessment Center (REAC) system and data collection form. Cause The Sponsor required additional time for resolving entity fees and accounting related matters. Effect or Potential Effect The audited annual financial statement data was not filed timely to REAC. Recommendation Audited financial statements should be timely filed. Auditor Noncompliance Code Other. Views of Responsible Officials The Sponsor made note that audited financial statements should be timely filed. Finding Resolution Status Resolved.
Finding 2022-001
Department of Housing and Urban Development Finding No. 2022-001 Late Filing; Assistance Listing Number 14.157 Supportive Housing for the Elderly Criteria Audited financial statement data submissions are due within 90 days of the fiscal year end. Statement of Condition The audited annual financial statement data for the year ended December 31, 2021 was not timely submitted to HUD via the Real Estate Assessment Center (REAC) system and data collection form. Cause The Sponsor required additional time for resolving entity fees and accounting related matters. Effect or Potential Effect The audited annual financial statement data was not filed timely to REAC. Recommendation Audited financial statements should be timely filed. Auditor Noncompliance Code Other. Views of Responsible Officials The Sponsor made note that audited financial statements should be timely filed. Finding Resolution Status Resolved.
Finding 2022-001
Department of Housing and Urban Development Finding No. 2022-001 Late Filing; Assistance Listing Number 14.157 Supportive Housing for the Elderly Criteria Audited financial statement data submissions are due within 90 days of the fiscal year end. Statement of Condition The audited annual financial statement data for the year ended December 31, 2021 was not timely submitted to HUD via the Real Estate Assessment Center (REAC) system and data collection form. Cause The Sponsor required additional time for resolving entity fees and accounting related matters. Effect or Potential Effect The audited annual financial statement data was not filed timely to REAC. Recommendation Audited financial statements should be timely filed. Auditor Noncompliance Code Other. Views of Responsible Officials The Sponsor made note that audited financial statements should be timely filed. Finding Resolution Status Resolved.