FAC Explorer

Audit 45904

FY End
2022-12-31
Total Expended
$1.82M
Findings
2
Programs
3
Organization: Michigan Interfaith Housing Corporation, Inc. (MI)
Year: 2022 Accepted: 2023-04-26
Auditor: Wipfli LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
47387 2022-003 Significant Deficiency - L
623829 2022-003 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.57M Yes 1
14.195 Section 8 Housing Assistance Payments Program $206,126 - 0
14.191 Multifamily Housing Service Coordinators $37,427 - 0

Contacts

Name Title Type
NXW5M4RLM175 Darrell Lancour Auditee
9068632211 Kim Heller Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Michigan Interfaith Housing Corporation, Inc. HUD Project No. 047-11037 (the Project) under a program of the federal government for the year ended December 31, 2022. The information in the 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Michigan Interfaith Housing Corporation, Inc. (HUD Project No. 047-11037), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Michigan Interfaith Housing Corporation, Inc. (HUD Project No. 047-11037).
Title: Mortgage Insurance for the Purchase of Existing Multifamily Housing Project Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Michigan Interfaith Housing Corporation, Inc. (HUD Project No. 047-11037) has a loan that is insured by HUD under Section 207/223(f) 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. The Project received no additional loans during the year. The balance of the loan outstanding at December 31, 2022, is $1,517,543.
Title: Subrecipient Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Project passed no federal awards through to subrecipients.

Finding Details

Finding 2022-003
U.S. Department of Housing and Urban Development Finding 2022.003, CFDA #14.155 Section 223(f) ? Insured Mortgage Condition: The Project did not properly file the audit package and data collection form submission with the Federal Audit Clearinghouse by the required deadline for the year ended December 31, 2021. Criteria: The Federal Audit Clearinghouse requites the Project to submit the audit package and data collection form the earlier of 30 days after receipt of the auditor?s report or 9 months after the end of the fiscal year. Cause: In testing the required report submission, we observed that the annual data collection form and audit report submission were not filed by the required due date. Effect: If the report submission is not filed by the required deadline, the Project is out of compliance with the terms and conditions of its Federal awards. Recommendation: We recommend the Project review its processes and procedures and develop a tracking spreadsheet to aid in monitoring reporting requirements and help ensure the deadlines are properly met. View of Responsible Officials: The Project will review its processes and procedures over reporting submissions required under its Federal awards and will submit the audit report and data collection form for the year ended December 31, 2022, within the required deadline.
Finding 2022-003
U.S. Department of Housing and Urban Development Finding 2022.003, CFDA #14.155 Section 223(f) ? Insured Mortgage Condition: The Project did not properly file the audit package and data collection form submission with the Federal Audit Clearinghouse by the required deadline for the year ended December 31, 2021. Criteria: The Federal Audit Clearinghouse requites the Project to submit the audit package and data collection form the earlier of 30 days after receipt of the auditor?s report or 9 months after the end of the fiscal year. Cause: In testing the required report submission, we observed that the annual data collection form and audit report submission were not filed by the required due date. Effect: If the report submission is not filed by the required deadline, the Project is out of compliance with the terms and conditions of its Federal awards. Recommendation: We recommend the Project review its processes and procedures and develop a tracking spreadsheet to aid in monitoring reporting requirements and help ensure the deadlines are properly met. View of Responsible Officials: The Project will review its processes and procedures over reporting submissions required under its Federal awards and will submit the audit report and data collection form for the year ended December 31, 2022, within the required deadline.