FAC Explorer

Audit 14259

FY End
2021-04-30
Total Expended
$12.57M
Findings
2
Programs
2
Organization: Crotona Estates Housing Development Fund Company, Inc. (NY)
Year: 2021 Accepted: 2024-01-29
Auditor: Marks Paneth LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
10534 2021-003 Significant Deficiency - L
586976 2021-003 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $10.85M Yes 1
14.195 Section 8 Housing Assistance Payments Program $1.72M Yes 0

Contacts

Name Title Type
EP3NJEFJNN15 Nestor Olivier Auditee
2125630310 Vivian Jin Auditor
No contacts on file

Notes to SEFA

Title: Note 3 - Mortage Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Crotona Estates Housing Development Fund Company, Inc., HUD Project No. 012-11386, under programs of the federal government for the year ended April 30, 2021. 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). Because the Schedule presents only a selected portion of the operations of Crotona Estates Housing Development Fund Company, Inc., it is not intended to and does present the financial position, changes in net assets, or cash flows of Crotona Estates Housing Development Fund Company, Inc. De Minimis Rate Used: N Rate Explanation: Crotona Estates Housing Development Fund Company, Inc. has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Note 3 – Mortgage Crotona Estates Housing Development Fund Company, Inc. has a loan guaranteed by HUD and the outstanding balance of the loan at April 30, 2021 is $10,660,143. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule.

Finding Details

Finding 2021-003
Condition: Electronic submission to REAC was not submitted within nine months from the year end. Criteria: Electronic submission is required to be submitted REAC within nine months from the year end. Cause: The financial statements were not finalized by the due date. Effect: The Project is not in compliance with Uniform Guidance. Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. Reporting Views of Responsible Officials: Management has acknowledged a breach in protocol and will resolve the matter as soon as possible.
Finding 2021-003
Condition: Electronic submission to REAC was not submitted within nine months from the year end. Criteria: Electronic submission is required to be submitted REAC within nine months from the year end. Cause: The financial statements were not finalized by the due date. Effect: The Project is not in compliance with Uniform Guidance. Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. Reporting Views of Responsible Officials: Management has acknowledged a breach in protocol and will resolve the matter as soon as possible.