FAC Explorer

Finding 1236938 (2025-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2025
Accepted
2026-09-28
Audit: 412402
Organization: Five Mile Flats, LLC (TX)
Auditor: NOVOGRADAC & COMPANY LLP

AI Summary

  • Answer: The Organization lacks necessary written policies and procedures for compliance with federal regulations.
  • Trend: This gap could lead to increased risk of non-compliance and potential penalties in future audits.
  • List: Immediate action is needed to develop and implement these required documents to ensure adherence to federal guidelines.

Finding Text

The Organization does not have written policies, procedures, and standards of conduct required by 2 Code of Federal Regulations, Part 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Subpart D - Post Federal Award Requirements and Subpart E - Cost Principles.

Corrective Action Plan

Participate in training to assist in the development of written policies and procedures, and standards of conduct to be in compliance with 2 Code of Federal Regulations Part 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Subpart D – Post Federal Award Requirements and Subpart E – Cost Principles.

Categories

Allowable Costs / Cost Principles

Programs in Audit

ALN Program Name Expenditures
14.135 MORTGAGE INSURANCE RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE $5.34M