Audit 11592

FY End

2022-12-31

Total Expended

$1.51M

Findings

4

Programs

1

Organization: Town of Plattsburgh Housing Development Fund Company, Inc. (NY)

Year: 2022 Accepted: 2024-01-16

Auditor: Efpr Group Cpa's PLLC

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
8574	2022-001	-	-	N
8575	2022-001	-	-	N
585016	2022-001	-	-	N
585017	2022-001	-	-	N

ALN	Program	Spent	Major	Findings
14.157	Supportive Housing for the Elderly	$92,223	Yes	1

Contacts

Name	Title	Type
EH3AVZBMME89	David Kimmel	Auditee
3154372178	Robert Williams, CPA	Auditor
No contacts on file

Notes to SEFA

Title: Capital Advance Accounting Policies: The information is presented on the accrual basis of accounting. The information in this 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). De Minimis Rate Used: N Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The Company does not use the 10% de minimis election. The amount of $1,414,800 reported for Assistance Listing Number 14.157 in expenditures relate to U.S. Department of Housing and Urban Development - Supportive Housing for the Elderly - Section 202 Capital Advance Program. The ending balance of the capital advance is $1,414,800 at December 31, 2022.

Finding Details

Finding 2022-001

Condition - The reserve for replacements account is underfunded by $21,000 for the year ended December 31, 2022. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $3,000 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Recommendation - We recommend that the delinquent deposit totaling $21,000 for the year ended December 31, 2022 be deposited into the reserve for replacements account as soon as possible. Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $21,000 into the reserve for replacements account. Management will deposit funds after registering with HUD and the receipt of HAP.

Finding 2022-001

Condition - The reserve for replacements account is underfunded by $21,000 for the year ended December 31, 2022. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $3,000 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Recommendation - We recommend that the delinquent deposit totaling $21,000 for the year ended December 31, 2022 be deposited into the reserve for replacements account as soon as possible. Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $21,000 into the reserve for replacements account. Management will deposit funds after registering with HUD and the receipt of HAP.

Finding 2022-001

Condition - The reserve for replacements account is underfunded by $21,000 for the year ended December 31, 2022. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $3,000 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Recommendation - We recommend that the delinquent deposit totaling $21,000 for the year ended December 31, 2022 be deposited into the reserve for replacements account as soon as possible. Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $21,000 into the reserve for replacements account. Management will deposit funds after registering with HUD and the receipt of HAP.

Finding 2022-001

Condition - The reserve for replacements account is underfunded by $21,000 for the year ended December 31, 2022. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $3,000 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Recommendation - We recommend that the delinquent deposit totaling $21,000 for the year ended December 31, 2022 be deposited into the reserve for replacements account as soon as possible. Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $21,000 into the reserve for replacements account. Management will deposit funds after registering with HUD and the receipt of HAP.