FAC Explorer

Audit 52244

FY End
2022-12-31
Total Expended
$7.39M
Findings
2
Programs
1
Organization: Haverford Property Holdings LLC (MI)
Year: 2022 Accepted: 2023-07-09
Auditor: Phillip M Stern & Company LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
45667 2022-001 - Yes P
622109 2022-001 - Yes P

Programs

ALN Program Spent Major Findings
14.129 Mortgage Insurance_nursing Homes, Intermediate Care Facilities, Board and Care Homes and Assisted Living Facilities $7.39M Yes 1

Contacts

Name Title Type
SV9ZC3NA5CF3 Matt Weisz Auditee
3476314068 Phillip Stern 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Passthrough entity identifying numbers are presented where applicable. The Company has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE_NURSING HOMES, INTERMEDIATE CARE FACILITIES, BOARD AND CARE HOMES AND ASSISTED LIVING FACILITIES (14.129) - Balances outstanding at the end of the audit period were 7149189.

Finding Details

Finding 2022-001
Statement of condition: The Company did not maintain an operating cash account. Criteria: The Company is required to maintain a minimum number of bank accounts, one of them being an operating account. Cause: The situation exists due to the Tenant making payments directly to the bank on behalf of the Company in lieu of rental payments. Effect or potential effect: As a result of the Company?s operating account not being used, this resulted in the Company not meeting the minimum number of bank accounts requirement. Auditor non-compliance code: Z Questioned costs: N/A. Reporting views of responsible officials: Management of the Company concurs with the finding and agrees with the recommendations. The Company plans to use the bank account as an operating account and have the Tenant make payments directly to this account. The Company will then make the required payments directly from this operating account. Recommendations: Recommendation was made to the Company to have the Tenant make rent payments to the Company to its operating account who will then make the necessary payments from its? own operating account.
Finding 2022-001
Statement of condition: The Company did not maintain an operating cash account. Criteria: The Company is required to maintain a minimum number of bank accounts, one of them being an operating account. Cause: The situation exists due to the Tenant making payments directly to the bank on behalf of the Company in lieu of rental payments. Effect or potential effect: As a result of the Company?s operating account not being used, this resulted in the Company not meeting the minimum number of bank accounts requirement. Auditor non-compliance code: Z Questioned costs: N/A. Reporting views of responsible officials: Management of the Company concurs with the finding and agrees with the recommendations. The Company plans to use the bank account as an operating account and have the Tenant make payments directly to this account. The Company will then make the required payments directly from this operating account. Recommendations: Recommendation was made to the Company to have the Tenant make rent payments to the Company to its operating account who will then make the necessary payments from its? own operating account.