FAC Explorer

Audit 49675

FY End
2022-12-31
Total Expended
$3.63M
Findings
2
Programs
2
Organization: Upshur House (LA)
Year: 2022 Accepted: 2023-09-24
Auditor: Wharton CPA LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
58232 2022-001 Significant Deficiency Yes N
634674 2022-001 Significant Deficiency Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $3.50M Yes 1
14.195 Section 8 Housing Assistance Payments Program $129,237 - 0

Contacts

Name Title Type
HT2JXAGHW9Z7 Dr. Willie Gable Auditee
5045245471 Brendel Wharton Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 Summary of Significant Accounting PoliciesBasis of Presentation - This schedule includes the activity of NBC Housing, Inc. Twenty-Seven, UpshurHouse and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance).Indirect Cost Rate Upshur House did not use the de minimis cost rate.Loan/Loan Guarantee Outstanding Balance - Supportive Housing for the Elderly Capital Advance -The balance outstanding at the end of the audit period was $3,504,834. 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 3504834.

Finding Details

Finding 2022-001
2022-1 Excess Residual Receipts Condition: The Project did not prepare a HUD 9250 to remit excess residual receipts nor did it mail a check or transmit a wire of those funds. Criteria: According to the Consolidated Appropriations Act, 2017, owners subject to a Section 202 or 811 Project Rental Assistance Contract (PRAC) are required to remit any excess balance in a Residual Receipts account, greater than $250 per unit, to HUD?s Accounting Center upon termination or renewal of the PRAC contract. Effect: The allowable balance is $11,000 ($250 X 44 units), resulting in excess residual receipts. Recommendation: I recommend the Property prepare the HUD 9250 requesting to remit excess funds to HUD.
Finding 2022-001
2022-1 Excess Residual Receipts Condition: The Project did not prepare a HUD 9250 to remit excess residual receipts nor did it mail a check or transmit a wire of those funds. Criteria: According to the Consolidated Appropriations Act, 2017, owners subject to a Section 202 or 811 Project Rental Assistance Contract (PRAC) are required to remit any excess balance in a Residual Receipts account, greater than $250 per unit, to HUD?s Accounting Center upon termination or renewal of the PRAC contract. Effect: The allowable balance is $11,000 ($250 X 44 units), resulting in excess residual receipts. Recommendation: I recommend the Property prepare the HUD 9250 requesting to remit excess funds to HUD.