FAC Explorer

Audit 8643

FY End
2023-03-31
Total Expended
$2.43M
Findings
2
Programs
3
Organization: 17th Avenue Redi, A Nonprofit Corporation 101-11198 (CO)
Year: 2023 Accepted: 2023-12-28
Auditor: Dauby O'Connor & Zaleski LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
6669 2023-001 Significant Deficiency - N
583111 2023-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.54M Yes 1
14.239 Home Investment Partnerships Program $498,000 - 0
14.195 Section 8 Housing Assistance Payments Program $388,795 - 0

Contacts

Name Title Type
GBYXKNW33927 Brooke Parra Auditee
3038607885 Jacob Buehler Auditor
No contacts on file

Notes to SEFA

Title: Note 3 Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate. The balance of Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects at March 31, 2023 is $1,504,779.
Title: Note 4 Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate. The balance of Home Investment Partnerships Program at March 31, 2023 is $498,000.

Finding Details

Finding 2023-001
Finding reference number: 2023-001 Assistance Listing (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Project identification number 101-11198 and 2013) Auditor non-compliance code: P-Investment of residual receipts Finding resolution status: Completed Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2023-001: At March 31, 2023, the Corporation's residual receipts account was not invested in an interest bearing account. Criteria: The Regulatory Agreement requires that surplus cash, as defined, be deposited into an interest bearing residual receipts account or reserve for replacement account. Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. Cause: The Corporation did not make deposits of surplus cash into an interest bearing account. Recommendation: The Agent should transfer the residual receipts account to an interest bearing account. Management's response: Agreed. The Agent concurs with the finding and the auditor's recommendation. The Corporation transferred the residual receipts account to an interest bearing account on October 31, 2023.
Finding 2023-001
Finding reference number: 2023-001 Assistance Listing (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 (Project identification number 101-11198 and 2013) Auditor non-compliance code: P-Investment of residual receipts Finding resolution status: Completed Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size information is not applicable to the finding. Statistically valid sample: N/A Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2023-001: At March 31, 2023, the Corporation's residual receipts account was not invested in an interest bearing account. Criteria: The Regulatory Agreement requires that surplus cash, as defined, be deposited into an interest bearing residual receipts account or reserve for replacement account. Effect: The Corporation is not in compliance with the terms of the Regulatory Agreement. Cause: The Corporation did not make deposits of surplus cash into an interest bearing account. Recommendation: The Agent should transfer the residual receipts account to an interest bearing account. Management's response: Agreed. The Agent concurs with the finding and the auditor's recommendation. The Corporation transferred the residual receipts account to an interest bearing account on October 31, 2023.