FAC Explorer

Audit 55441

FY End
2022-12-31
Total Expended
$1.05M
Findings
2
Programs
1
Organization: Plan Homes, Inc. Dba Iris Place Apts. 112-Hd007 (TX)
Year: 2022 Accepted: 2023-07-04
Auditor: M Group LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
59879 2022-001 - - P
636321 2022-001 - - P

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $54,212 Yes 0

Contacts

Name Title Type
RNLMF67J32A5 Robert Murphy Auditee
9724700299 Michael Martin Auditor
No contacts on file

Notes to SEFA

Title: Note 4: Capital Advance Balance Accounting Policies: Note 1: Basis of Presentation: This schedule of expenditures of federal awards includes the federal award activity of Plan Homes, 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 Audits for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Plan Homes, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Plan Homes, Inc. Note 2: Summary of Significant Accounting Policies: Expenditures reporting 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. De Minimis Rate Used: N Rate Explanation: Note 3: Indirect Cost Rate: Plan Homes, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Plan Homes, Inc.'s capital advance balance outstanding as of December 31, 2022 was $1,000,600 and is included in the federal expenditures presented in the schedule.

Finding Details

Finding 2022-001
Finding #2022-001: Section 202 Capital Advance, CFDA 14.157 Condition: The Project?s liability for security deposits exceeded the security cash account by $1,414 at December 31, 2022. Criteria: The HUD regulatory agreement requires the Company maintain the security deposit in a trust account separate from other funds in an amount which at all times equals or exceeds the outstanding security deposit obligation. Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing security deposits. Questioned Cost: $1,414 Cause: Oversight. Recommendation: We recommend the Project deposit all tenant security deposits directly into the trust account for security deposits in an amount sufficient to cover the security deposit liability. Auditor?s Comment: The Company deposited $1,414 on March 27, 2023 into the security deposit trust account. Security deposit shortfall is corrected. Finding 2022-001 cleared.
Finding 2022-001
Finding #2022-001: Section 202 Capital Advance, CFDA 14.157 Condition: The Project?s liability for security deposits exceeded the security cash account by $1,414 at December 31, 2022. Criteria: The HUD regulatory agreement requires the Company maintain the security deposit in a trust account separate from other funds in an amount which at all times equals or exceeds the outstanding security deposit obligation. Effect: The Company is in violation of the terms of the HUD Regulatory Agreement governing security deposits. Questioned Cost: $1,414 Cause: Oversight. Recommendation: We recommend the Project deposit all tenant security deposits directly into the trust account for security deposits in an amount sufficient to cover the security deposit liability. Auditor?s Comment: The Company deposited $1,414 on March 27, 2023 into the security deposit trust account. Security deposit shortfall is corrected. Finding 2022-001 cleared.