FAC Explorer

Audit 17929

FY End
2022-12-31
Total Expended
$3.59M
Findings
2
Programs
1
Organization: Loretto Apartments Hdfc Inc. (malta House Apts) (NY)
Year: 2022 Accepted: 2023-04-11
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
21998 2022-001 - - N
598440 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $133,227 - 0

Contacts

Name Title Type
YCTVDT8P8FW5 Kyle Lyskawa Auditee
3154241821 Bettina Lipphardt Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: This schedule of expenditures of federal awards includes the federal grant activity of Loretto Apartments Housing Development Fund Company, Inc. (Malta House Apartments), HUD Project No. 014-EE070-NY06-S941-009 (the Corporation) 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. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 3458700.

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, Malta House Apartments is required to make monthly deposits of $2,525 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $2,525 as of December 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: Malta House Apartments lacked adequate cash flow in 2022 to make all required deposits. Effect: Malta House Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that Malta House Apartments make the remaining $2,525 deposit into the reserve for replacements. Views of management and planned corrective action: Malta House Apartments agrees with the finding and the required payment was made in March 2023.
Finding 2022-001
Finding 2022-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, Malta House Apartments is required to make monthly deposits of $2,525 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $2,525 as of December 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: Malta House Apartments lacked adequate cash flow in 2022 to make all required deposits. Effect: Malta House Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that Malta House Apartments make the remaining $2,525 deposit into the reserve for replacements. Views of management and planned corrective action: Malta House Apartments agrees with the finding and the required payment was made in March 2023.