FAC Explorer

Audit 52524

FY End
2022-12-31
Total Expended
$2.35M
Findings
2
Programs
2
Organization: Beloit Assisted Living, Inc. Hud #075-Ee099-Wah (WI)
Year: 2022 Accepted: 2023-04-19
Auditor: Wipfli LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
42653 2022-001 Significant Deficiency - N
619095 2022-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $2.25M Yes 1
14.181 Supportive Housing for Persons with Disabilities $97,955 - 0

Contacts

Name Title Type
CFUNEEKXAD95 Kitty Rounds Auditee
6083131300 Mike Webber, CPA Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Beloit Assisted Living, Inc. under programs of the federal government for the year ended December, 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Beloit Assisted Living, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Beloit Assisted Living, Inc.
Title: CAPITAL ADVANCE 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The balance of the capital advance from the Department of Housing and Urban Development at December 31, 2022 was $2,251,500.
Title: SUBRECIPIENTS 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Beloit Assisted Living, Inc. did not use any subrecipients.

Finding Details

Finding 2022-001
Finding 2021-001 ? Reserve for Replacement Required Deposits Information on the Federal Program: Department of Housing and Urban Development, CFDA 14.157 Supportive Housing for the Elderly Questioned Costs: None How the questioned costs were computed: N/A Condition: The required monthly deposit to the reserve for replacement was increased by HUD, effective August 1, 2022. During the year ended December 31, 2022, the Project did not increase its monthly deposits to the replacement reserve to comply with the new requirement. Criteria: An amount, as required by HUD, is to be deposited monthly in the reserve fund (Regulatory Agreement, item 5 A). Cause: The requirement to adjust the monthly deposit to the reserve for replacement was overlooked. Effect: The monthly deposits to the reserve for replacement was not made in accordance with HUD guidelines. Repeat Finding: No Recommendation: Policies and procedures should be reviewed to ensure timely adjustments to the monthly reserve for replacement deposits when necessary. Views of Responsible Officials and Planned Corrective Actions: Beloit Assisted Living, Inc. agrees with the finding and will review policies and procedures to ensure timely remittance.
Finding 2022-001
Finding 2021-001 ? Reserve for Replacement Required Deposits Information on the Federal Program: Department of Housing and Urban Development, CFDA 14.157 Supportive Housing for the Elderly Questioned Costs: None How the questioned costs were computed: N/A Condition: The required monthly deposit to the reserve for replacement was increased by HUD, effective August 1, 2022. During the year ended December 31, 2022, the Project did not increase its monthly deposits to the replacement reserve to comply with the new requirement. Criteria: An amount, as required by HUD, is to be deposited monthly in the reserve fund (Regulatory Agreement, item 5 A). Cause: The requirement to adjust the monthly deposit to the reserve for replacement was overlooked. Effect: The monthly deposits to the reserve for replacement was not made in accordance with HUD guidelines. Repeat Finding: No Recommendation: Policies and procedures should be reviewed to ensure timely adjustments to the monthly reserve for replacement deposits when necessary. Views of Responsible Officials and Planned Corrective Actions: Beloit Assisted Living, Inc. agrees with the finding and will review policies and procedures to ensure timely remittance.