Audit 293351

FY End

2023-06-30

Total Expended

$5.63M

Findings

4

Programs

1

Organization: Yw-Wny Housing Development Fund Co., Inc. - Project #014-Ee084 (NY)

Year: 2023 Accepted: 2024-03-04

Auditor: Efpr Group Cpa's PLLC

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
372074	2023-002	-	Yes	N
372075	2023-002	-	Yes	N
948516	2023-002	-	Yes	N
948517	2023-002	-	Yes	N

ALN	Program	Spent	Major	Findings
14.157	Supportive Housing for the Elderly	$486,710	Yes	1

Contacts

Name	Title	Type
F8CNE4F9YTA1	Ronald Olejniczak, CPA	Auditee
7168526120	Robert Williams, CPA	Auditor
No contacts on file

Notes to SEFA

Title: Capital Advances Accounting Policies: The schedule of expenditures of federal awards 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: N Rate Explanation: The Company does not use the 10% de minimis cost rate. The amounts reported for Assistance Listing Number 14.157 in expenditures relate to U.S. Department of Housing and Urban Development - Section 202 Capital Advance Program. The ending balance of the capital advance is $5,147,400 at June 30, 2023.

Finding Details

Finding 2023-002

Condition - The reserve for replacements account is underfunded by $129,160 for the year ended June 30, 2023. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $12,916 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Repeat Finding - This is a repeat of finding 2022-001 from the prior year. Recommendation - We recommend that the delinquent deposit totaling $129,160 for the year ended June 30, 2023 be deposited into the reserve for replacements account as soon as possible. Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $129,160 into the reserve for replacements account. Management will deposit funds as they become available.

Finding 2023-002

Condition - The reserve for replacements account is underfunded by $129,160 for the year ended June 30, 2023. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $12,916 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Repeat Finding - This is a repeat of finding 2022-001 from the prior year. Recommendation - We recommend that the delinquent deposit totaling $129,160 for the year ended June 30, 2023 be deposited into the reserve for replacements account as soon as possible. Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $129,160 into the reserve for replacements account. Management will deposit funds as they become available.

Finding 2023-002

Condition - The reserve for replacements account is underfunded by $129,160 for the year ended June 30, 2023. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $12,916 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Repeat Finding - This is a repeat of finding 2022-001 from the prior year. Recommendation - We recommend that the delinquent deposit totaling $129,160 for the year ended June 30, 2023 be deposited into the reserve for replacements account as soon as possible. Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $129,160 into the reserve for replacements account. Management will deposit funds as they become available.

Finding 2023-002

Condition - The reserve for replacements account is underfunded by $129,160 for the year ended June 30, 2023. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $12,916 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Repeat Finding - This is a repeat of finding 2022-001 from the prior year. Recommendation - We recommend that the delinquent deposit totaling $129,160 for the year ended June 30, 2023 be deposited into the reserve for replacements account as soon as possible. Management’s Reply - (a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken. (b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $129,160 into the reserve for replacements account. Management will deposit funds as they become available.