FAC Explorer

Audit 9649

FY End
2023-08-31
Total Expended
$1.75M
Findings
4
Programs
1
Organization: Nmf Housing Vii, INC (1507 West 39 1/2 St) (VA)
Year: 2023 Accepted: 2024-01-04
Auditor: Maddox & Associates Apc

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
7468 2023-001 - - B
7469 2023-002 - - G
583910 2023-001 - - B
583911 2023-002 - - G

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for the Elderly $1.75M Yes 2

Contacts

Name Title Type
SJVHKDQ5DWK3 Brad Prak Auditee
8303722600 Bryan Beale Auditor
No contacts on file

Notes to SEFA

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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Project has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
The regulatory agreement requires the project to deposit "surplus cash" into a Residual Reciepts account with 90 days after the end of the fiscal year.
Finding 2023-002
Project funds may be used only for expenses that are reasonable and necessary to the operatioin of the project as provided for in the Regulatory Agreement between HUD and the project owner.
Finding 2023-001
The regulatory agreement requires the project to deposit "surplus cash" into a Residual Reciepts account with 90 days after the end of the fiscal year.
Finding 2023-002
Project funds may be used only for expenses that are reasonable and necessary to the operatioin of the project as provided for in the Regulatory Agreement between HUD and the project owner.