FAC Explorer

Audit 300975

FY End
2023-06-30
Total Expended
$81.43M
Findings
4
Programs
3
Organization: Israel Senior Citizens Housing Development Fund CORP (NY)
Year: 2023 Accepted: 2024-03-29
Auditor: Cohnreznick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
390090 2023-002 Significant Deficiency - L
390091 2023-002 Significant Deficiency - L
966532 2023-002 Significant Deficiency - L
966533 2023-002 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $72.36M Yes 1
14.856 Lower Income Housing Assistance Program_section 8 Moderate Rehabilitation $8.98M Yes 1
14.191 Multifamily Housing Service Coordinators $89,267 - 0

Contacts

Name Title Type
DA4DKV6LGFK9 Matthew Locurto Auditee
2122735257 Mike Bisson Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances 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. Israel Senior Citizens Housing Development Fund Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE FOR THE PURCHASE OF REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 70,900,010.

Finding Details

Finding 2023-002
The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America.
Finding 2023-002
The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America.
Finding 2023-002
The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America.
Finding 2023-002
The accounting records required numerous material adjustments to be proposed and recorded in order for the financial statements to be fairly presented in accordance with generally accepted accounting principles in the United States of America.