FAC Explorer

Audit 48577

FY End
2022-10-31
Total Expended
$2.75M
Findings
2
Programs
2
Organization: Calvary Towers, INC (VA)
Year: 2022 Accepted: 2023-01-30
Auditor: Brown Edwards & Company

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
52380 2022-001 - - E
628822 2022-001 - - E

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.67M Yes 1
14.195 Section 8 Housing Assistance Payments Program $1.08M - 0

Contacts

Name Title Type
VFE9KAF5ECJ3 Charles Lota Auditee
7576400800 Leslie Roberts Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, 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 amount reported for the loan program was the beginning of the year balance, the balance at the end of the year was $1,365,536.

Finding Details

Finding 2022-001
Condition: There was a lack of supporting documentation retained in tenants? files to support eligibility and compliance with rent procedures. Criteria: All tenant files should maintain all necessary documentation and required forms to support eligibility and compliance with rent procedures. Cause: One tenant?s file was purged which included necessary documentation that should have been retained. Effect: There is potential that a tenant?s eligibility cannot be properly supported. Questioned Cost Amount: None noted. Context: One out of twenty-five files tested. Recommendation: We recommend that tenant files retain all necessary forms and documentation to substantiate the tenant?s eligibility. View of Responsible Officers and Planned Corrective Action: See Corrective Action Plan prepared by management.
Finding 2022-001
Condition: There was a lack of supporting documentation retained in tenants? files to support eligibility and compliance with rent procedures. Criteria: All tenant files should maintain all necessary documentation and required forms to support eligibility and compliance with rent procedures. Cause: One tenant?s file was purged which included necessary documentation that should have been retained. Effect: There is potential that a tenant?s eligibility cannot be properly supported. Questioned Cost Amount: None noted. Context: One out of twenty-five files tested. Recommendation: We recommend that tenant files retain all necessary forms and documentation to substantiate the tenant?s eligibility. View of Responsible Officers and Planned Corrective Action: See Corrective Action Plan prepared by management.