FAC Explorer

Audit 47908

FY End
2022-09-30
Total Expended
$3.76M
Findings
2
Programs
2
Organization: Thistle Community Housing & Subsidiaries (CO)
Year: 2022 Accepted: 2023-02-01
Auditor: Haynie & Company

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
44375 2022-001 Significant Deficiency - N
620817 2022-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.37M Yes 1
21.000 Neighborworks America $391,500 Yes 0

Contacts

Name Title Type
J33BMJRBXK76 Christopher Gwiazda Auditee
3034437451 Ty Holman Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal awardactivity of the Organization under programs of the federal government for the year ended September 30,2022. The information in this schedule if presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only aselected portion of the operations of the Organization, it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of the Organization.Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown onthe schedule represent adjustments or credits made in the normal course of business to amounts reportedas expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 3,297,361.

Finding Details

Finding 2022-001
Finding 2022-001 HUD insured mortgage Section 223(f) Assistance # 14.155 a.Criteria- Surplus cash distributions are allowable semi-annually and are limited to the Computation of Surplus Cash, Distribution and Residual Receipts HUD form and calculation. b.Condition- Parkside Village distributed 9/30/2021 year end surplus cash of $90,943 twice instead of allowable mid-year distribution of $70,740, resulting in an excess mid-year distribution of $20,203 to the Organization instead of retaining those funds with the Project. c. Cause- A cumulative check on year-to-date distributions was not performed. d.Effect- Actual distributions exceeded allowable distributions by $20,203. e.Questioned Costs ? None exceeding $25,000. f.Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required. g. Repeat finding ? No. Questioned Costs ? None exceeding $25,000. Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required.
Finding 2022-001
Finding 2022-001 HUD insured mortgage Section 223(f) Assistance # 14.155 a.Criteria- Surplus cash distributions are allowable semi-annually and are limited to the Computation of Surplus Cash, Distribution and Residual Receipts HUD form and calculation. b.Condition- Parkside Village distributed 9/30/2021 year end surplus cash of $90,943 twice instead of allowable mid-year distribution of $70,740, resulting in an excess mid-year distribution of $20,203 to the Organization instead of retaining those funds with the Project. c. Cause- A cumulative check on year-to-date distributions was not performed. d.Effect- Actual distributions exceeded allowable distributions by $20,203. e.Questioned Costs ? None exceeding $25,000. f.Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required. g. Repeat finding ? No. Questioned Costs ? None exceeding $25,000. Perspective information- All distributions were included in the scope of procedures, thus no extrapolation was required.