FAC Explorer

Audit 289596

FY End
2023-06-30
Total Expended
$33.66M
Findings
4
Programs
2
Organization: Brighton Beach Housing Decvelopment Fund CO Inc. (NY)
Year: 2023 Accepted: 2024-02-08
Auditor: Cohnreznick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
366673 2023-002 Significant Deficiency - L
366674 2023-002 Significant Deficiency - L
943115 2023-002 Significant Deficiency - L
943116 2023-002 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $30.48M Yes 1
14.856 Assistance Program_section 8 Moderate $3.18M Yes 1

Contacts

Name Title Type
ZFG1BBFHSM67 Matthew Locurto Auditee
2122735257 Mike Bisson Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform gudiance. Brighton Beach Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE FOR THE PURCHASE OF REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155)- Balances outstanding at the end of the audit period were 29868700.

Finding Details

Finding 2023-002
The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America.
Finding 2023-002
The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America.
Finding 2023-002
The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America.
Finding 2023-002
The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America.