FAC Explorer

Audit 299948

FY End
2023-12-31
Total Expended
$3.40M
Findings
4
Programs
1
Organization: Loretto Apts at O'Brien Road Hdfc, Inc. (o'brien Rd SR Appts 2) (NY)
Year: 2023 Accepted: 2024-03-28
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
388130 2023-001 - - N
388131 2023-001 - - N
964572 2023-001 - - N
964573 2023-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $44,186 Yes 1

Contacts

Name Title Type
PM6KQU2KKUK4 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 Loretto Apartments at O’Brien Road Housing Development Fund Company, Inc. (O’Brien Road Senior Apartments 2), HUD Project No. 014-EE287/NY06-S101-004 (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. Capital Advance The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at December 31, 2023 was $3,355,400. 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: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: O’Brien Road Senior Apartments 2 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 $7,479 for the year ended December 31, 2022 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: O’Brien Road Senior Apartments 2’s surplus cash was not performed timely. Effect: O’Brien Road Senior Apartments 2 was not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: O’Brien Road Senior Apartments 2 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: O’Brien Road Senior Apartments 2 agrees with the finding and the required payment was made after the 60-day timeline.
Finding 2023-001
Finding 2023-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: O’Brien Road Senior Apartments 2 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 $7,479 for the year ended December 31, 2022 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: O’Brien Road Senior Apartments 2’s surplus cash was not performed timely. Effect: O’Brien Road Senior Apartments 2 was not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: O’Brien Road Senior Apartments 2 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: O’Brien Road Senior Apartments 2 agrees with the finding and the required payment was made after the 60-day timeline.
Finding 2023-001
Finding 2023-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: O’Brien Road Senior Apartments 2 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 $7,479 for the year ended December 31, 2022 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: O’Brien Road Senior Apartments 2’s surplus cash was not performed timely. Effect: O’Brien Road Senior Apartments 2 was not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: O’Brien Road Senior Apartments 2 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: O’Brien Road Senior Apartments 2 agrees with the finding and the required payment was made after the 60-day timeline.
Finding 2023-001
Finding 2023-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: O’Brien Road Senior Apartments 2 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 $7,479 for the year ended December 31, 2022 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: O’Brien Road Senior Apartments 2’s surplus cash was not performed timely. Effect: O’Brien Road Senior Apartments 2 was not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: O’Brien Road Senior Apartments 2 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: O’Brien Road Senior Apartments 2 agrees with the finding and the required payment was made after the 60-day timeline.