FAC Explorer

Audit 49297

FY End
2022-12-31
Total Expended
$1.38M
Findings
4
Programs
1
Organization: Arcadia Place, Inc. 064-Ee206 (LA)
Year: 2022 Accepted: 2023-04-16
Auditor: Tidwell Group LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
48598 2022-001 - Yes P
48599 2022-001 - Yes P
625040 2022-001 - Yes P
625041 2022-001 - Yes P

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $1.34M Yes 1

Contacts

Name Title Type
JA7GNGBGK8W6 Guretta Gray Auditee
3182278693 Xiaohui Jiang Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal activity of Arcadia Place, Inc, HUD Project No. 064-EE206, under programs of thefederal government for the year ended December 31, 2022. The information in the Scheduleis presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of Arcadia Place, Inc, it is not intended to and does notpresent the financial position, changes in net assets (deficit), or cash flows of Arcadia Place,Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the cost principles contained in OMBCircular A-122, Cost Principles for Non-profit Organizations, and the cost principlescontained in the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Arcadia Place, Inc has elected not to use the 10 percent de minimus indirect cost rate asallowed under the Uniform Guidance. Arcadia Place, Inc received a capital advance under the U.S. Department of Housing andUrban Developments Section 202 Supportive Housing for the Elderly program. The capitaladvance is treated as a loan program for reporting federal expenditures. The capital advanceoutstanding at the beginning of the year is included in the federal expenditures presented inthe Schedule. Arcadia Place, Inc. received no additional advances and made no paymentsduring the year ended December 31, 2022. The balance of the capital advance outstanding atDecember 31, 2022 was $1,341,000.

Finding Details

Finding 2022-001
Finding No. 2022-1 Criteria Management is required to maintain the project records and agreements in accordance with the Regulatory Agreement and HUD regulations. Condition Arcadia Place, Inc.?s HUD approved Management Agent?s Certification (form HUD- 9839-B) has expired as of December 31, 2022. Questioned Cost There are no questioned costs. Cause The procedures to ensure compliance with HUD regulations regarding maintaining project records and agreements in the required manner were not followed. Auditor Noncompliance Code Z - Other Effect Arcadia Place, Inc. is not in compliance with HUD regulations relating to maintaining the project records and agreements. Recommendations Management should submit a new Management Agent?s Certification to HUD for approval. Views of Responsible Officials Management agrees with the finding and will submit a new Management Agent?s Certification to HUD for approval in a timely manner.
Finding 2022-001
Finding No. 2022-1 Criteria Management is required to maintain the project records and agreements in accordance with the Regulatory Agreement and HUD regulations. Condition Arcadia Place, Inc.?s HUD approved Management Agent?s Certification (form HUD- 9839-B) has expired as of December 31, 2022. Questioned Cost There are no questioned costs. Cause The procedures to ensure compliance with HUD regulations regarding maintaining project records and agreements in the required manner were not followed. Auditor Noncompliance Code Z - Other Effect Arcadia Place, Inc. is not in compliance with HUD regulations relating to maintaining the project records and agreements. Recommendations Management should submit a new Management Agent?s Certification to HUD for approval. Views of Responsible Officials Management agrees with the finding and will submit a new Management Agent?s Certification to HUD for approval in a timely manner.
Finding 2022-001
Finding No. 2022-1 Criteria Management is required to maintain the project records and agreements in accordance with the Regulatory Agreement and HUD regulations. Condition Arcadia Place, Inc.?s HUD approved Management Agent?s Certification (form HUD- 9839-B) has expired as of December 31, 2022. Questioned Cost There are no questioned costs. Cause The procedures to ensure compliance with HUD regulations regarding maintaining project records and agreements in the required manner were not followed. Auditor Noncompliance Code Z - Other Effect Arcadia Place, Inc. is not in compliance with HUD regulations relating to maintaining the project records and agreements. Recommendations Management should submit a new Management Agent?s Certification to HUD for approval. Views of Responsible Officials Management agrees with the finding and will submit a new Management Agent?s Certification to HUD for approval in a timely manner.
Finding 2022-001
Finding No. 2022-1 Criteria Management is required to maintain the project records and agreements in accordance with the Regulatory Agreement and HUD regulations. Condition Arcadia Place, Inc.?s HUD approved Management Agent?s Certification (form HUD- 9839-B) has expired as of December 31, 2022. Questioned Cost There are no questioned costs. Cause The procedures to ensure compliance with HUD regulations regarding maintaining project records and agreements in the required manner were not followed. Auditor Noncompliance Code Z - Other Effect Arcadia Place, Inc. is not in compliance with HUD regulations relating to maintaining the project records and agreements. Recommendations Management should submit a new Management Agent?s Certification to HUD for approval. Views of Responsible Officials Management agrees with the finding and will submit a new Management Agent?s Certification to HUD for approval in a timely manner.