FAC Explorer

Audit 296641

FY End
2023-06-30
Total Expended
$1.27M
Findings
2
Programs
2
Organization: Riverside Episcopal Housing Development Fund Company, Inc. (NY)
Year: 2023 Accepted: 2024-03-22
Auditor: Efpr Group Cpa's PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
383593 2023-002 - Yes N
960035 2023-002 - Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $1.01M Yes 1
14.195 Section 8 Housing Assistance Payments Program $261,354 - 0

Contacts

Name Title Type
UYAQDH7MQDJ1 Jim Juliano Auditee
7169295800 David Urban, CPA Auditor
No contacts on file

Notes to SEFA

Title: Subrecipients Accounting Policies: The information 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. No amounts were provided to subrecipients.
Title: Mortgage Payable Accounting Policies: The information 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 amount reported for Assistance Listing No. 14.157 in expenditures relate to U.S. Department of Housing and Urban Development Supportive Housing for the Elderly (Section 202) loan. The ending balance of the loan is $945,738 at June 30, 2023.

Finding Details

Finding 2023-002
Condition - The reserve for replacements account is underfunded by $1,560 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 $3,443 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 deposits totaling $1,560 for the year ended June 30, 2023 be deposited into the reserve for replacements account as soon as possible. Management's Response - (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: Management informed us that the amount will be deposited by October 31, 2023.
Finding 2023-002
Condition - The reserve for replacements account is underfunded by $1,560 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 $3,443 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 deposits totaling $1,560 for the year ended June 30, 2023 be deposited into the reserve for replacements account as soon as possible. Management's Response - (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: Management informed us that the amount will be deposited by October 31, 2023.