FAC Explorer

Audit 56884

FY End
2022-03-31
Total Expended
$2.42M
Findings
4
Programs
2
Organization: Holy Cross Villas, Inc. 064-11090 (LA)
Year: 2022 Accepted: 2022-11-17
Auditor: Tidwell Group LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
61825 2022-001 - - P
61826 2022-002 - - P
638267 2022-001 - - P
638268 2022-002 - - P

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $2.07M Yes 2
14.195 Section 8 Housing Assistance Payments Program $352,023 - 0

Contacts

Name Title Type
FPRJQPR6MRE3 Tom Farris Auditee
3182278693 Clint Hamilton 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 grant activity of Holy Cross Villas, Inc., HUD Project No. 064-11090, and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (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 Holy Cross Villas, Inc., it is not intended to and does not present the financial position, changes in net assets (deficit), or cash flows of Holy Cross Villas, Inc.Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Holy Cross Villas, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Holy Cross Villas, Inc. has elected not to use the 10 percent de minimus indirect cost rate asallowed under the Uniform Guidance. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2024039.

Finding Details

Finding 2022-001
Finding No. 2022-1 Criteria Management is required to maintain the project records and agreements in accordance with the Regulatory Agreement and HUD regulations. Statement of Condition Holy Cross Villas, Inc.?s HUD approved Management Agent?s Certification (form HUD-9839-B) has expired as of March 31, 2022. Questioned Costs There are no questioned costs. Cause The procedures to ensure compliance with HUD regulations regarding maintaining project records and agreements in the required manner were not followed. Auditor Noncompliance Code Z - Other Effect Holy Cross Villas, Inc. is not in compliance with HUD regulations relating to maintaining the project records and agreements. Recommendations Management should submit a new Management Agent?s Certification to HUD for approval. Views of Responsible Officials Management concurs with the finding and has submitted a new Management Agent Certification (form HUD-9839-B) to HUD for approval.
Finding 2022-002
Finding No. 2022-2 Criteria The terms of the Regulatory Agreement require that the security deposit cash account meet or exceed the total security deposit liability. Statement of Condition As of March 31, 2022, the security deposit cash account is underfunded compared to the security deposit liability by $1,697. Questioned Costs $1,697 Cause An administrative oversight in the funding of the security deposit cash account caused the deficiency. Auditor Noncompliance Code M - Security Deposits Effect The security deposit cash account was underfunded and therefore considered to be questioned costs. Recommendations Management should deposit $1,697 into the security deposit cash account to cover the deficiency. Views of Responsible Officials Management agrees with the finding and will deposit the required amount into the security deposit cash account.
Finding 2022-001
Finding No. 2022-1 Criteria Management is required to maintain the project records and agreements in accordance with the Regulatory Agreement and HUD regulations. Statement of Condition Holy Cross Villas, Inc.?s HUD approved Management Agent?s Certification (form HUD-9839-B) has expired as of March 31, 2022. Questioned Costs There are no questioned costs. Cause The procedures to ensure compliance with HUD regulations regarding maintaining project records and agreements in the required manner were not followed. Auditor Noncompliance Code Z - Other Effect Holy Cross Villas, Inc. is not in compliance with HUD regulations relating to maintaining the project records and agreements. Recommendations Management should submit a new Management Agent?s Certification to HUD for approval. Views of Responsible Officials Management concurs with the finding and has submitted a new Management Agent Certification (form HUD-9839-B) to HUD for approval.
Finding 2022-002
Finding No. 2022-2 Criteria The terms of the Regulatory Agreement require that the security deposit cash account meet or exceed the total security deposit liability. Statement of Condition As of March 31, 2022, the security deposit cash account is underfunded compared to the security deposit liability by $1,697. Questioned Costs $1,697 Cause An administrative oversight in the funding of the security deposit cash account caused the deficiency. Auditor Noncompliance Code M - Security Deposits Effect The security deposit cash account was underfunded and therefore considered to be questioned costs. Recommendations Management should deposit $1,697 into the security deposit cash account to cover the deficiency. Views of Responsible Officials Management agrees with the finding and will deposit the required amount into the security deposit cash account.