FAC Explorer

Audit 54959

FY End
2022-12-31
Total Expended
$5.27M
Findings
2
Programs
1
Organization: Ebenezer Lakes Assisted Living Dba: the Meadows at Fairview (MN)
Year: 2022 Accepted: 2023-09-14
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
58916 2022-001 Significant Deficiency - M
635358 2022-001 Significant Deficiency - M

Programs

ALN Program Spent Major Findings
14.129 Mortgage Insurance_nursing Homes, Intermediate Care Facilities, Board and Care Homes and Assisted Living Facilities $5.27M Yes 1

Contacts

Name Title Type
TFKYFXLZJKB7 Todd Willett Auditee
6128743460 Matthew Wocken 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 the federal award activity of the Project 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 2 CFR 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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 5111056.

Finding Details

Finding 2022-001
2022-001 Federal agency: U.S. Department of Housing and Urban Development Federal program title: Section 232 HUD Insured Mortgage Assistance Living Number: 14.129 Type of Finding: ? Significant Deficiency in Internal Control over Compliance ? Compliance Criteria or Specific Requirement: Cash held in excess of FDIC limits at financial institutions requires a quarterly review of the banks rating. Condition: Management is responsible for reviewing the quarterly bank ratings of the financial institutions where funds are held in excess of the FDIC limits. Questioned Costs: N/A Context: While performing audit procedures it was noted that the client was not monitoring the bank ratings on a quarterly basis. Cause: The project did not monitor the bank ratings for financial institutions where cash was in excess of the FDIC limits. Effect: Banks accounts were not monitored on a quarterly basis Repeat Finding: No Recommendation: Recommend management put a policy in place to monitor the bank rating quarterly for financial institutions the projects hold funds at. Views of Responsible Officials: There is no disagreement with the audit finding.
Finding 2022-001
2022-001 Federal agency: U.S. Department of Housing and Urban Development Federal program title: Section 232 HUD Insured Mortgage Assistance Living Number: 14.129 Type of Finding: ? Significant Deficiency in Internal Control over Compliance ? Compliance Criteria or Specific Requirement: Cash held in excess of FDIC limits at financial institutions requires a quarterly review of the banks rating. Condition: Management is responsible for reviewing the quarterly bank ratings of the financial institutions where funds are held in excess of the FDIC limits. Questioned Costs: N/A Context: While performing audit procedures it was noted that the client was not monitoring the bank ratings on a quarterly basis. Cause: The project did not monitor the bank ratings for financial institutions where cash was in excess of the FDIC limits. Effect: Banks accounts were not monitored on a quarterly basis Repeat Finding: No Recommendation: Recommend management put a policy in place to monitor the bank rating quarterly for financial institutions the projects hold funds at. Views of Responsible Officials: There is no disagreement with the audit finding.