Finding 1153305 (2024-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
$1
Year
2024
Accepted
2025-09-17
Audit: 366528
Organization: Las Villas De Magnolia, Inc. (TX)
Auditor: M Group LLP

AI Summary

  • Issue: The Company disbursed $2,000 from the residual receipts account without HUD approval, violating the regulatory agreement.
  • Requirement: HUD approval is mandatory for all disbursements from the residual receipts account.
  • Follow-up: The Company should ensure compliance by reviewing the regulatory agreement and confirming all future disbursements have HUD approval.

Finding Text

Condition: Under terms of the HUD regulatory agreement, the Company is required to receive HUD approval on any disbursement from the residual receipts account. The Company did not receive approval for a $2,000 disbursement from the residual receipts account on August 26, 2024. Criteria: The HUD regulatory agreement requires the Company obtain HUD approval for all disbursements from the residual receipt account. Effect: The Company is in violation of its Regulatory Agreement. Questioned Cost: $2,000 Cause: Oversight Recommendation: We recommend the Company deposit $2,000 into the residual receipts account. Further, we recommend the Company review the regulatory agreement to ensure compliance. Auditor’s Comment: On March 31, 2025, the Company deposited $2,000 into the residual receipts account. Finding 2024-001 Cleared.

Corrective Action Plan

CORRECTIVE ACTION PLAN: Name and Number of the Project: Las Villas de Magnolia, Inc. No. 447-EE123 Audit Firm: M Group, LLP Audit Period: The year ended December 31, 2024 Compliance Review: A. COMMENTS ON FINDINGS AND RECOMMENDATIONS: We concur with the findings and recommendations of our auditors regarding our noncompliance as cited in the accompanying Schedule of Findings and Questioned Costs. ACTIONS TAKEN: FINDING I: Section 202 Capital Advance, CFDA 14: 157 CORRECTIVE ACTION TCOMPLETED: Cleared: On March 31, 2025, the Company transferred $2,000 to the residual receipts account. We have prepared the corrective action plan as required by the standards applicable to financial statements contained in Government Auditing Standards and by the audit requirements of Title 2 US. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards. Any questions regarding the above corrective action plan should be directed to Mr. Stewart Grounds, Chief Financial Officer.

Categories

Questioned Costs HUD Housing Programs Cash Management

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $216,647