FAC Explorer

Audit 44757

FY End
2022-12-31
Total Expended
$2.11M
Findings
2
Programs
2
Organization: Snyder Senior Citizens, Inc. (TX)
Year: 2022 Accepted: 2023-03-26
Auditor: Davis Ray & CO PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
50527 2022-001 - - C
626969 2022-001 - - C

Programs

ALN Program Spent Major Findings
10.415 Rural Rental Housing Loans $1.87M Yes 1
10.427 Rural Rental Assistance Payments $110,868 - 0

Contacts

Name Title Type
ECT2WZ39AZM4 Shayla Chappell Auditee
3255731416 Derek L. Ray Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Snyder Senior Citizens, Inc. 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 Snyder Senior Citizens, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flow of Snyder Senior Citizens, Inc. Note 2 Summary of Significant Accounting PoliciesExpenditures 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 allowable or are limited as to reimbursement. Snyder Senior Citizens, Inc. have elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 1822614.

Finding Details

Finding 2022-001
Finding No. 2022-001: Replacement Reserves Statement of Condition: Project owner failed to make one required deposit to the designated replacement reserves accounts per HUD and USDA Rural Development guidelines. Criteria: HUD and USDA Rural Development require the project owner to make monthly deposits to the replacement reserves accounts. Recommendation: Project owner needs to deposit the required monthly amounts to the respective replacement reserves accounts as soon as possible. Response: Project owner has subsequently made the required deposits.
Finding 2022-001
Finding No. 2022-001: Replacement Reserves Statement of Condition: Project owner failed to make one required deposit to the designated replacement reserves accounts per HUD and USDA Rural Development guidelines. Criteria: HUD and USDA Rural Development require the project owner to make monthly deposits to the replacement reserves accounts. Recommendation: Project owner needs to deposit the required monthly amounts to the respective replacement reserves accounts as soon as possible. Response: Project owner has subsequently made the required deposits.