FAC Explorer

Audit 27022

FY End
2022-12-31
Total Expended
$3.42M
Findings
4
Programs
1
Organization: Loretto Apts at O'Brien Road Hdfc, Inc. (o'brien Rd SR Appts 2) (NY)
Year: 2022 Accepted: 2023-04-11
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
36532 2022-001 - - N
36533 2022-001 - - N
612974 2022-001 - - N
612975 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $61,527 Yes 1

Contacts

Name Title Type
PM6KQU2KKUK4 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 LorettoApartments at OBrien Road Housing Development Fund Company, Inc. (OBrien Road SeniorApartments 2), HUD Project No. 014-EE287/NY06-S101-004 (the Corporation), and is presented onthe accrual basis 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. 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 3355400.

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 2 is required to make monthly deposits of $1,158 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,158 (one month?s payment) as of December 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments 2 overlooked the requirement. Effect: O?Brien Road Senior Apartments 2 was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments 2 make the remaining $1,158 deposit into the reserve for replacements. Views of management and planned corrective action: O?Brien Road Senior Apartments 2 agrees with the finding and the required payment was made in January 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, O?Brien Road Senior Apartments 2 is required to make monthly deposits of $1,158 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,158 (one month?s payment) as of December 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments 2 overlooked the requirement. Effect: O?Brien Road Senior Apartments 2 was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments 2 make the remaining $1,158 deposit into the reserve for replacements. Views of management and planned corrective action: O?Brien Road Senior Apartments 2 agrees with the finding and the required payment was made in January 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, O?Brien Road Senior Apartments 2 is required to make monthly deposits of $1,158 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,158 (one month?s payment) as of December 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments 2 overlooked the requirement. Effect: O?Brien Road Senior Apartments 2 was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments 2 make the remaining $1,158 deposit into the reserve for replacements. Views of management and planned corrective action: O?Brien Road Senior Apartments 2 agrees with the finding and the required payment was made in January 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, O?Brien Road Senior Apartments 2 is required to make monthly deposits of $1,158 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,158 (one month?s payment) as of December 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments 2 overlooked the requirement. Effect: O?Brien Road Senior Apartments 2 was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments 2 make the remaining $1,158 deposit into the reserve for replacements. Views of management and planned corrective action: O?Brien Road Senior Apartments 2 agrees with the finding and the required payment was made in January 2023.