FAC Explorer

Audit 296275

FY End
2023-06-30
Total Expended
$11.21M
Findings
2
Programs
2
Organization: Rios Senior Residence Housing Development Fund Corporation (NY)
Year: 2023 Accepted: 2024-03-21
Auditor: Cohnreznick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
382701 2023-001 Significant Deficiency - N
959143 2023-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $11.18M Yes 1
14.269 Hurricane Sandy Community Development Block Grant Disaster Recovery Grants (cdbg-Dr) $29,860 - 0

Contacts

Name Title Type
Z8BULRLBU8W3 Walter M Roberts Auditee
2128608821 Jason Rocker Auditor
No contacts on file

Notes to SEFA

Title: Note 4 - U.S. Department of Housing and Urban Development loan program 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 Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Rios Senior Residence Housing Development Fund Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Rios Senior Residence Housing Development Fund Corporation has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Rios Senior Residence Housing Development Fund Corporation received no additional loans during the year. The balance of the loan outstanding at June 30, 2023 consist of:

Finding Details

Finding 2023-001
Department of Housing and Urban Development Finding No. 2023-001; Section 202, Assistance Listing 14.157 Criteria EIV documentation must be stored in the tenant binder and properly handled. Condition EIV documents were improperly managed. Cause Property management staff did not follow their processes and procedures in handling EIV forms. Effect or Potential Effect Improper handling and retention of leasing documents could lead to tenant ineligibility and cause delays in receiving rental income. Questioned Costs None Identification as a Repeat Finding No Recommendation Training for personnel handling lease information should be undertaken. Training should emphasize the importance of HUD policies and procedures including EIV, document retention and handling as it relates to the requirements of the various HUD Handbooks. A review of policies and documentation should be undertaken and corrected as necessary. Auditor Noncompliance Code: N – Special tests and provisions Finding Resolution Status: Resolved Views of Responsible Officials Corporation agrees with the finding and the auditor's recommendations are being evaluated and implemented.
Finding 2023-001
Department of Housing and Urban Development Finding No. 2023-001; Section 202, Assistance Listing 14.157 Criteria EIV documentation must be stored in the tenant binder and properly handled. Condition EIV documents were improperly managed. Cause Property management staff did not follow their processes and procedures in handling EIV forms. Effect or Potential Effect Improper handling and retention of leasing documents could lead to tenant ineligibility and cause delays in receiving rental income. Questioned Costs None Identification as a Repeat Finding No Recommendation Training for personnel handling lease information should be undertaken. Training should emphasize the importance of HUD policies and procedures including EIV, document retention and handling as it relates to the requirements of the various HUD Handbooks. A review of policies and documentation should be undertaken and corrected as necessary. Auditor Noncompliance Code: N – Special tests and provisions Finding Resolution Status: Resolved Views of Responsible Officials Corporation agrees with the finding and the auditor's recommendations are being evaluated and implemented.