FAC Explorer

Audit 46971

FY End
2022-12-31
Total Expended
$40.00M
Findings
2
Programs
1
Organization: Westminster Presbyterian Homes, INC D/b/a Presbyterian Village, Athens (GA)
Year: 2022 Accepted: 2023-06-27
Auditor: Mauldin & Jenkins

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
43216 2022-001 Material Weakness - L
619658 2022-001 Material Weakness - L

Programs

ALN Program Spent Major Findings
10.766 Community Facilities Loans and Grants $40.00M Yes 1

Contacts

Name Title Type
LLBLNKGRWEU6 Chad Pearce Auditee
2292636191 Jeff Fucitro Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances 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 auditee did not use the de minimis cost rate. COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 40000000.
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 auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Westminster Presbyterian Homes, Inc. d/b/a Presbyterian Village, Athens under programs 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Presbyterian Village, Athens it is not intended to and does not present the financial position, changes in net (deficit), or cash flows of Presbyterian Village, Athens.

Finding Details

Finding 2022-001
Criteria: Bond issuance costs and bond discount were not written off upon retirement of bond principal. Condition: During our procedures surrounding bonds payable, we noted bond issuance costs and bond discount related to bond principal that was retired in the previous fiscal year were still recorded on the statement of financial position and continued to be amortized during the year ended December 31, 2021. Cause: Upon retirement of the Series 2018A-4 and 2018A-5 bond principal during debt refinancing in fiscal year ended December 31, 2021, the associated bond issuance costs and discount related to these bonds were not written off. Effect: Net (deficit) without donor restrictions was understated by $1,052,177. Bonds payable, net were understated by $1,052,177. Recommendation: We recommend the Organization implement an internal control that requires periodic reconciliation procedures of all significant statement of financial position accounts to the general ledger in order to ensure accuracy of the financial statements.
Finding 2022-001
Criteria: Bond issuance costs and bond discount were not written off upon retirement of bond principal. Condition: During our procedures surrounding bonds payable, we noted bond issuance costs and bond discount related to bond principal that was retired in the previous fiscal year were still recorded on the statement of financial position and continued to be amortized during the year ended December 31, 2021. Cause: Upon retirement of the Series 2018A-4 and 2018A-5 bond principal during debt refinancing in fiscal year ended December 31, 2021, the associated bond issuance costs and discount related to these bonds were not written off. Effect: Net (deficit) without donor restrictions was understated by $1,052,177. Bonds payable, net were understated by $1,052,177. Recommendation: We recommend the Organization implement an internal control that requires periodic reconciliation procedures of all significant statement of financial position accounts to the general ledger in order to ensure accuracy of the financial statements.