FAC Explorer

Audit 48968

FY End
2022-06-30
Total Expended
$3.24M
Findings
2
Programs
1
Organization: Voa Hickory Knoll, INC (hickory Knoll) (VA)
Year: 2022 Accepted: 2022-12-26
Auditor: Maddox & Associates Apc

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
46955 2022-001 - Yes LN
623397 2022-001 - Yes LN

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $3.24M Yes 1

Contacts

Name Title Type
QT42LWVZUWK1 Vanessa Tran Auditee
7033415000 Jeff Maddox 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. The Project has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 3047600.

Finding Details

Finding 2022-001
Finding Reference Number: 2022-001 Type of Finding: FA Finding Resolution Status: In Process Information on Universe Population Size: The finding was not a result of a sampling procedure. Sample Size Information: The finding was not a result of a sampling procedure. Identification of Repeat Finding and Finding Reference Number: Prior year finding reference: 2021-001 Criteria: The regulatory agreement (as amended) requires monthly deposits of $1,166. Statement of Condition: Required monthly deposits to the replacement reserve are deficient in the amount of $2,332. Cause: Procedures in place to ensure that deposits are made were not followed. Effect or Potential Effect: Replacement reserve is deficient. Auditor Non-Compliance Code: N Questioned Costs: There are no questioned costs. The finding does not relate to an undocumented transaction or unreasonable expenditure. Reporting Views of Responsible Officials: Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $2,332. Management will ensure that the replacement reserve deposits are made on a timely basis in the future. Context: Required monthly deposits to the replacement reserve are deficient in the amount of $2,332. Recommendation: Management should compare the required annual amount to the monthly deposits made to determine if the correct amount is deposited. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $2,332. Management will ensure that the replacement reserve deposits are made on a timely basis in the future. Response Indicator: Agree Completion Date: August 6, 2022 Response: Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $2,332. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.
Finding 2022-001
Finding Reference Number: 2022-001 Type of Finding: FA Finding Resolution Status: In Process Information on Universe Population Size: The finding was not a result of a sampling procedure. Sample Size Information: The finding was not a result of a sampling procedure. Identification of Repeat Finding and Finding Reference Number: Prior year finding reference: 2021-001 Criteria: The regulatory agreement (as amended) requires monthly deposits of $1,166. Statement of Condition: Required monthly deposits to the replacement reserve are deficient in the amount of $2,332. Cause: Procedures in place to ensure that deposits are made were not followed. Effect or Potential Effect: Replacement reserve is deficient. Auditor Non-Compliance Code: N Questioned Costs: There are no questioned costs. The finding does not relate to an undocumented transaction or unreasonable expenditure. Reporting Views of Responsible Officials: Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $2,332. Management will ensure that the replacement reserve deposits are made on a timely basis in the future. Context: Required monthly deposits to the replacement reserve are deficient in the amount of $2,332. Recommendation: Management should compare the required annual amount to the monthly deposits made to determine if the correct amount is deposited. Auditor's Summary of the Auditee's Comments on the Findings and Recommendations: Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $2,332. Management will ensure that the replacement reserve deposits are made on a timely basis in the future. Response Indicator: Agree Completion Date: August 6, 2022 Response: Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $2,332. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.