FAC Explorer

Audit 4569

FY End
2023-06-30
Total Expended
$4.32M
Findings
6
Programs
4
Organization: Roland M Boucher Apartments, Inc. (RI)
Year: 2023 Accepted: 2023-11-29
Auditor: D'ambra CPA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
2698 2023-001 - - B
2699 2023-002 - - N
2700 2023-002 - - N
579140 2023-001 - - B
579141 2023-002 - - N
579142 2023-002 - - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.43M Yes 1
14.195 Section 8 Housing Assistance Payments Program $515,137 - 1
14.157 Supportive Housing for the Elderly $340,432 - 1
14.191 Multifamily Housing Service Coordinators $38,245 - 0

Contacts

Name Title Type
NALLXB8NNHN8 Rita Gandhi Auditee
4012357000 Craig D'ambra Auditor
No contacts on file

Notes to SEFA

Title: 1 Accounting Policies: ACCRUAL BASIS De Minimis Rate Used: N Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS RATE BUT ACTUAL COSTS The schedule of expenditures of federal awards includes the federal award activity of the Corporation. 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.
Title: 2 Accounting Policies: ACCRUAL BASIS De Minimis Rate Used: N Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS RATE BUT ACTUAL COSTS 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 allowable or are limited as to reimbursement. The Corporation has elected not to use the 10 percent de-minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3 Accounting Policies: ACCRUAL BASIS De Minimis Rate Used: N Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS RATE BUT ACTUAL COSTS The Corporation received loans directly or indirectly from the U.S. Department of Housing and Urban Development which are included above. If there were no current year advances on the loan, the loan balance above reflects the beginning of the year balance. If there were advances on the loan, the loan balance above reflects the highest balance during the year.
Title: 4 Accounting Policies: ACCRUAL BASIS De Minimis Rate Used: N Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS RATE BUT ACTUAL COSTS Certain grants, while fully expended, contain continuing compliance requirements and are thus included in the Schedule.

Finding Details

Finding 2023-001
Federal program - Section 223(f) Insured Mortgage: Criteria - HUD regulations specify that only eligible costs relating to the property are allowed to be paid by the property; Condition - the property was overcharged management fees totaling $8,914; Cause - the fee charged included vendor reimbursements, replacement reserve withdrawals and cash transfers in the cash receipts base in error; Recommendation - management should reimburse the property for the amount overcharged or reduce the next month’s fee by the amount overcharged and calculate the fee correctly in the future. Response: Management will reimburse the property for the amount overcharged and will calculate the fee correctly in the future.
Finding 2023-002
Federal program - Sections 8 and 202: Criteria - HUD regulations specify that the security deposit cash account be sufficiently funded to cover tenant security deposit liabilities; Condition - the tenant security deposit liability accounts are deficient by $211; Cause - management oversight; Recommendation - management should deposit the deficient amounts to the security deposit cash accounts to adequately fund the Section 8 and Section 202 security deposit liability accounts. Response: Management will adequately fund the security deposit cash accounts to equal the security deposit liability accounts.
Finding 2023-002
Federal program - Sections 8 and 202: Criteria - HUD regulations specify that the security deposit cash account be sufficiently funded to cover tenant security deposit liabilities; Condition - the tenant security deposit liability accounts are deficient by $211; Cause - management oversight; Recommendation - management should deposit the deficient amounts to the security deposit cash accounts to adequately fund the Section 8 and Section 202 security deposit liability accounts. Response: Management will adequately fund the security deposit cash accounts to equal the security deposit liability accounts.
Finding 2023-001
Federal program - Section 223(f) Insured Mortgage: Criteria - HUD regulations specify that only eligible costs relating to the property are allowed to be paid by the property; Condition - the property was overcharged management fees totaling $8,914; Cause - the fee charged included vendor reimbursements, replacement reserve withdrawals and cash transfers in the cash receipts base in error; Recommendation - management should reimburse the property for the amount overcharged or reduce the next month’s fee by the amount overcharged and calculate the fee correctly in the future. Response: Management will reimburse the property for the amount overcharged and will calculate the fee correctly in the future.
Finding 2023-002
Federal program - Sections 8 and 202: Criteria - HUD regulations specify that the security deposit cash account be sufficiently funded to cover tenant security deposit liabilities; Condition - the tenant security deposit liability accounts are deficient by $211; Cause - management oversight; Recommendation - management should deposit the deficient amounts to the security deposit cash accounts to adequately fund the Section 8 and Section 202 security deposit liability accounts. Response: Management will adequately fund the security deposit cash accounts to equal the security deposit liability accounts.
Finding 2023-002
Federal program - Sections 8 and 202: Criteria - HUD regulations specify that the security deposit cash account be sufficiently funded to cover tenant security deposit liabilities; Condition - the tenant security deposit liability accounts are deficient by $211; Cause - management oversight; Recommendation - management should deposit the deficient amounts to the security deposit cash accounts to adequately fund the Section 8 and Section 202 security deposit liability accounts. Response: Management will adequately fund the security deposit cash accounts to equal the security deposit liability accounts.