FAC Explorer

Audit 16240

FY End
2022-03-31
Total Expended
$3.88M
Findings
6
Programs
1
Organization: Loretto O'Brien Road Housing Development Fund Company, Inc. (NY)
Year: 2022 Accepted: 2022-11-15
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
12154 2022-001 - - N
12155 2022-001 - - N
12156 2022-001 - - N
588596 2022-001 - - N
588597 2022-001 - - N
588598 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $89,159 Yes 1

Contacts

Name Title Type
TH8GVFQE7FY1 Kyle Lyskawa Auditee
3154241821 Bettina Lipphardt Auditor
No contacts on file

Notes to SEFA

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Loretto OBrien Road Housing Development Fund Company, Inc. (OBrien Road Senior Apartments), HUD Project No. 014-EE262/NY06-S061-007, and 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 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 OBrien Road Senior Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of OBrien Road Senior Apartments. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. OBrien Road Senior Apartments did not pass any federal funds to subrecipients for the year ended March 31, 2022.
Title: Capital Advance Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Loretto OBrien Road Housing Development Fund Company, Inc. (OBrien Road Senior Apartments), HUD Project No. 014-EE262/NY06-S061-007, and 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 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 OBrien Road Senior Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of OBrien Road Senior Apartments. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at March 31, 2022 was $3,785,187.

Finding Details

Finding 2022-001
Finding 2022-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, O?Brien Road Senior Apartments is required to make monthly deposits of $1,400 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,400 (one month?s payment) as of March 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments lacked adequate cash flow in 2022 to make all required deposits as the HUD tenant assistance payments were delayed with the renewal of the Project Rental Assistance Contract. Effect: O?Brien Road Senior Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments make the remaining $1,400 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: O?Brien Road Senior Apartments agrees with the finding and the required payment was made in April 2022.
Finding 2022-001
Finding 2022-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, O?Brien Road Senior Apartments is required to make monthly deposits of $1,400 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,400 (one month?s payment) as of March 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments lacked adequate cash flow in 2022 to make all required deposits as the HUD tenant assistance payments were delayed with the renewal of the Project Rental Assistance Contract. Effect: O?Brien Road Senior Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments make the remaining $1,400 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: O?Brien Road Senior Apartments agrees with the finding and the required payment was made in April 2022.
Finding 2022-001
Finding 2022-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, O?Brien Road Senior Apartments is required to make monthly deposits of $1,400 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,400 (one month?s payment) as of March 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments lacked adequate cash flow in 2022 to make all required deposits as the HUD tenant assistance payments were delayed with the renewal of the Project Rental Assistance Contract. Effect: O?Brien Road Senior Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments make the remaining $1,400 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: O?Brien Road Senior Apartments agrees with the finding and the required payment was made in April 2022.
Finding 2022-001
Finding 2022-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, O?Brien Road Senior Apartments is required to make monthly deposits of $1,400 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,400 (one month?s payment) as of March 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments lacked adequate cash flow in 2022 to make all required deposits as the HUD tenant assistance payments were delayed with the renewal of the Project Rental Assistance Contract. Effect: O?Brien Road Senior Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments make the remaining $1,400 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: O?Brien Road Senior Apartments agrees with the finding and the required payment was made in April 2022.
Finding 2022-001
Finding 2022-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, O?Brien Road Senior Apartments is required to make monthly deposits of $1,400 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,400 (one month?s payment) as of March 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments lacked adequate cash flow in 2022 to make all required deposits as the HUD tenant assistance payments were delayed with the renewal of the Project Rental Assistance Contract. Effect: O?Brien Road Senior Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments make the remaining $1,400 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: O?Brien Road Senior Apartments agrees with the finding and the required payment was made in April 2022.
Finding 2022-001
Finding 2022-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, O?Brien Road Senior Apartments is required to make monthly deposits of $1,400 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,400 (one month?s payment) as of March 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments lacked adequate cash flow in 2022 to make all required deposits as the HUD tenant assistance payments were delayed with the renewal of the Project Rental Assistance Contract. Effect: O?Brien Road Senior Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments make the remaining $1,400 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: O?Brien Road Senior Apartments agrees with the finding and the required payment was made in April 2022.