FAC Explorer

Audit 296029

FY End
2023-09-30
Total Expended
$4.25M
Findings
2
Programs
2
Organization: St. Luke Hsg Dev Fund Company (st. Luke Apts) 014-11157 (NY)
Year: 2023 Accepted: 2024-03-20
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
382330 2023-001 - - N
958772 2023-001 - - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.60M Yes 1
14.195 Section 8 Housing Assistance Payments Program $642,391 - 0

Contacts

Name Title Type
LNTHJQAQ25H1 Kyle Lyskawa Auditee
3154241821 Bettina Lipphardt Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Basis of Presentation This schedule of expenditures of federal awards includes the federal grant activity of St. Luke Housing Development Fund Company, Inc. (St. Luke Apartments), FHA Project No. 014-11157, (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. Insured Mortgage The Corporation obtained from HUD a guarantee of its mortgage payable. The outstanding balance of this mortgage at September 30, 2023 was $3,483,021. Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
Finding 2023-001: Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Federal Assistance Listing Number 14.155 Criteria: St. Luke Apartments is required to determine surplus cash requirements annually. If surplus cash exists, the amount must be transferred from the operating account to the residual receipts account within 60 days of the Project’s fiscal year-end. Condition: The required deposit of $4,419 for the year ended September 30, 2022 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: St. Luke Apartments’ surplus cash was not performed timely. Effect: St. Luke Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: St. Luke Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: St. Luke Apartments agrees with the finding and the required payment was made after the 60-day timeline.
Finding 2023-001
Finding 2023-001: Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Federal Assistance Listing Number 14.155 Criteria: St. Luke Apartments is required to determine surplus cash requirements annually. If surplus cash exists, the amount must be transferred from the operating account to the residual receipts account within 60 days of the Project’s fiscal year-end. Condition: The required deposit of $4,419 for the year ended September 30, 2022 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: St. Luke Apartments’ surplus cash was not performed timely. Effect: St. Luke Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: St. Luke Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: St. Luke Apartments agrees with the finding and the required payment was made after the 60-day timeline.