FAC Explorer

Audit 29693

FY End
2022-03-31
Total Expended
$1.24M
Findings
4
Programs
1
Organization: Rouses Point Senior Housing Development Fund Company, INC (NY)
Year: 2022 Accepted: 2023-02-18
Auditor: Efpr Group Cpa's PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
37708 2022-001 - - N
37709 2022-001 - - N
614150 2022-001 - - N
614151 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $58,935 Yes 1

Contacts

Name Title Type
GJVUULNHL3T1 Roland Traudt Auditee
8452245035 Robert Williams, CPA Auditor
No contacts on file

Notes to SEFA

Title: Capital Advance 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: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The Company does not use the 10% de minimis election. The amount reported for Assistance Listing Number 14.157 in expenditures relate to U.S. Department of Housing and Urban Development - Supportive Housing for the Elderly - Section 202 Capital Advance Program. The ending balance of the capital advance is $1,179,800 at March 31, 2022.

Finding Details

Finding 2022-001
Condition - The reserve for replacements account is underfunded by $1,200 for the year ended March 31, 2022. 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 $1,200 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. Recommendation - We recommend that the delinquent deposit totaling $1,200 for the year ended March 31, 2022 be deposited into the reserve for replacements account as soon as possible. Management?s Reply - Management understands HUD?s requirements for monthly deposits into the reserve for replacements and has deposited the delinquent deposit of $1,200 into the reserve for replacements account in April 2022.
Finding 2022-001
Condition - The reserve for replacements account is underfunded by $1,200 for the year ended March 31, 2022. 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 $1,200 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. Recommendation - We recommend that the delinquent deposit totaling $1,200 for the year ended March 31, 2022 be deposited into the reserve for replacements account as soon as possible. Management?s Reply - Management understands HUD?s requirements for monthly deposits into the reserve for replacements and has deposited the delinquent deposit of $1,200 into the reserve for replacements account in April 2022.
Finding 2022-001
Condition - The reserve for replacements account is underfunded by $1,200 for the year ended March 31, 2022. 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 $1,200 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. Recommendation - We recommend that the delinquent deposit totaling $1,200 for the year ended March 31, 2022 be deposited into the reserve for replacements account as soon as possible. Management?s Reply - Management understands HUD?s requirements for monthly deposits into the reserve for replacements and has deposited the delinquent deposit of $1,200 into the reserve for replacements account in April 2022.
Finding 2022-001
Condition - The reserve for replacements account is underfunded by $1,200 for the year ended March 31, 2022. 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 $1,200 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. Recommendation - We recommend that the delinquent deposit totaling $1,200 for the year ended March 31, 2022 be deposited into the reserve for replacements account as soon as possible. Management?s Reply - Management understands HUD?s requirements for monthly deposits into the reserve for replacements and has deposited the delinquent deposit of $1,200 into the reserve for replacements account in April 2022.