FAC Explorer

Audit 17713

FY End
2022-06-30
Total Expended
$1.85M
Findings
6
Programs
1
Organization: Cicero Commons Senior 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
12765 2022-001 - - N
12766 2022-001 - - N
12767 2022-001 - - N
589207 2022-001 - - N
589208 2022-001 - - N
589209 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $110,650 Yes 1

Contacts

Name Title Type
CFD3ZFMMRAS6 Kyle Lyskawa Auditee
3154241821 Bettina Lipphardt Auditor
No contacts on file

Notes to SEFA

Title: SUBRECIPIENTS Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal awardactivity of Cicero Commons Senior Housing Development Fund Company, Inc. (Lucille ManorApartments), HUD Project No. 014-EE215/NY06-S021-003, and is presented on the accrualbasis of accounting. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations ofLucille Manor Apartments, it is not intended to and does not present the financial position,changes in net assets, or cash flows of Lucille Manor Apartments. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Lucille Manor Apartments did not pass any federal funds to subrecipients for the year ended June 30, 2022.
Title: Capital Advance Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal awardactivity of Cicero Commons Senior Housing Development Fund Company, Inc. (Lucille ManorApartments), HUD Project No. 014-EE215/NY06-S021-003, and is presented on the accrualbasis of accounting. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations ofLucille Manor Apartments, it is not intended to and does not present the financial position,changes in net assets, or cash flows of Lucille Manor 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 June 30, 2022 was $1,734,700.

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, Lucille Manor Apartments is required to make monthly deposits of $955 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,910 (two month?s payment) as of June 30, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: Lucille Manor 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: Lucille Manor Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that Lucille Manor Apartments make the remaining $1,910 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: Lucille Manor Apartments agrees with the finding and the required payment was made in July 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, Lucille Manor Apartments is required to make monthly deposits of $955 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,910 (two month?s payment) as of June 30, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: Lucille Manor 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: Lucille Manor Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that Lucille Manor Apartments make the remaining $1,910 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: Lucille Manor Apartments agrees with the finding and the required payment was made in July 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, Lucille Manor Apartments is required to make monthly deposits of $955 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,910 (two month?s payment) as of June 30, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: Lucille Manor 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: Lucille Manor Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that Lucille Manor Apartments make the remaining $1,910 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: Lucille Manor Apartments agrees with the finding and the required payment was made in July 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, Lucille Manor Apartments is required to make monthly deposits of $955 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,910 (two month?s payment) as of June 30, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: Lucille Manor 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: Lucille Manor Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that Lucille Manor Apartments make the remaining $1,910 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: Lucille Manor Apartments agrees with the finding and the required payment was made in July 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, Lucille Manor Apartments is required to make monthly deposits of $955 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,910 (two month?s payment) as of June 30, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: Lucille Manor 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: Lucille Manor Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that Lucille Manor Apartments make the remaining $1,910 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: Lucille Manor Apartments agrees with the finding and the required payment was made in July 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, Lucille Manor Apartments is required to make monthly deposits of $955 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,910 (two month?s payment) as of June 30, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: Lucille Manor 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: Lucille Manor Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that Lucille Manor Apartments make the remaining $1,910 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: Lucille Manor Apartments agrees with the finding and the required payment was made in July 2022.