Audit 25430

FY End

2022-09-30

Total Expended

$17.20M

Findings

2

Programs

2

Organization: Thorpe Housing Development Fund Company, Inc. (NY)

Year: 2022 Accepted: 2023-01-02

Auditor: Withumsmith+brown PC

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
26032	2022-001	Significant Deficiency	-	L
602474	2022-001	Significant Deficiency	-	L

ALN	Program	Spent	Major	Findings
14.135	Mortgage Insurance_rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate	$13.45M	Yes	1
14.195	Section 8 Housing Assistance Payments Program	$3.75M	Yes	0

Contacts

Name	Title	Type
JTVWG186NTG5	Matthew Janeczko	Auditee
8576153186	James Huang	Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: 1.GENERAL INFORMATIONThe accompanying schedule of expenditures of federal awards (the Schedule) presents the activities in all federal awards of Thorpe Housing Development Fund Company, Inc. All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies or nonprofit organizations are included on the capitalization Schedule.2.BASIS OF ACCOUNTINGThe Schedule is presented using the accrual basis of accounting. The amounts reported in the Schedule may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either cash or a modified cash basis of accounting.3.RELATIONSHIP TO BASIC FINANCIAL STATEMENTSFederal expenditures are reported on the statement of activities as operating costs before depreciation. The expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule due to program expenditures exceeding grant or contract budget limitations or agency matching or in-kind contributions which are not included as federal awards.4.BASIS OF PRESENTATIONThe accompanying Schedule includes the federal award activity of Thorpe Housing Development Fund Company, Inc. under programs of the federal government for the year ended September 30, 2022. 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 Thorpe Housing Development Fund Company, Inc. , it is not intended and does not present the financial position, changes in net assets, or cash flows of Thorpe Housing Development Fund Company, Inc. 5.SUBRECIPIENTSThe Corporation provided no federal awards to sub recipients for the year ended September 30, 2022.6.INDIRECT COSTSThe Corporation does not have a federally negotiated indirect cost rate and has not elected to use the 10 percent de minimis rate as covered in section 200.414 in the Uniform Guidance.7.U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INSURED LOAN PROGRAMThe Corporation received a loan insured under Section 221(d)(4) of the National Housing Act. The outstanding balance on the loan at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the loan at September 30, 2022 is $13,275,413. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE_RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE (14.135) - Balances outstanding at the end of the audit period were $13,275,413.

Finding Details

Finding 2022-001

Finding No. 2022-001: Submission to the Federal Audit Clearinghouse Condition The audited financial statements, reports, and supplemental information for the year ended September 30, 2021 were not submitted to the Federal Audit Clearinghouse within 30 days after receipt of the Corporation?s auditor?s report. Criteria Audits of financial statements and supplemental information performed under Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (?Uniform Guidance?) are required to be submitted to the Federal Audit Clearinghouse 30 days after receipt of the auditors? report, or nine months after the end of the fiscal year, whichever comes first. Cause The cause of the late submission was that the Executive Director of the Corporation was unable to login to complete the required approvals as a result of health issues. Effect The Corporation is noncompliant with requirements of the Uniform Guidance. Questioned Costs None Recommendation The Corporation should submit the audited financial statements to the Federal Audit Clearinghouse within 30 days of the receipt of the auditors? report and implement controls to ensure timely submission. Management?s Response Management agrees with the finding. Status Completed.

Finding 2022-001

Finding No. 2022-001: Submission to the Federal Audit Clearinghouse Condition The audited financial statements, reports, and supplemental information for the year ended September 30, 2021 were not submitted to the Federal Audit Clearinghouse within 30 days after receipt of the Corporation?s auditor?s report. Criteria Audits of financial statements and supplemental information performed under Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (?Uniform Guidance?) are required to be submitted to the Federal Audit Clearinghouse 30 days after receipt of the auditors? report, or nine months after the end of the fiscal year, whichever comes first. Cause The cause of the late submission was that the Executive Director of the Corporation was unable to login to complete the required approvals as a result of health issues. Effect The Corporation is noncompliant with requirements of the Uniform Guidance. Questioned Costs None Recommendation The Corporation should submit the audited financial statements to the Federal Audit Clearinghouse within 30 days of the receipt of the auditors? report and implement controls to ensure timely submission. Management?s Response Management agrees with the finding. Status Completed.