FAC Explorer

Audit 302207

FY End
2023-12-31
Total Expended
$3.48M
Findings
4
Programs
1
Organization: Mount St. Mary's Housing Development Fund Company, Inc. (NY)
Year: 2023 Accepted: 2024-04-02
Auditor: Efpr Group Cpa's PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
392077 2023-001 - - A
392078 2023-001 - - A
968519 2023-001 - - A
968520 2023-001 - - A

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $94,454 Yes 1

Contacts

Name Title Type
PWCXAMXMMKW5 James Lonergan Auditee
7168471635 Debra Zevetchin, CPA Auditor
No contacts on file

Notes to SEFA

Title: HUD 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: The Company does not use the 10% de minimis rule. The amount of $3,388,114 reported for Assistance Listing Number 14.157 in expenditures related to a HUD capital advance. The ending balance of this capital advance is $3,388,114 at December 31, 2023.

Finding Details

Finding 2023-001
Condition - As of December 31, 2023, Mount St. Mary's Housing Development Fund Company, Inc. was owed $11,700 for shared expenses from a related party, which were over 30 days past due. Criteria - In accordance with HUD regulations, related party loans are not allowed without written approval from HUD. Effect - The Company is not in compliance with its regulatory agreement with HUD. Cause - The Company did not follow up on past due receivables from a related party. Recommendation - The Company should collect the balance due as soon as possible. Management's Corrective Action - In March 2024, the Company obtained the final payment to repay the $11,700 of past due receivables. Management has established a new report to monitor the shared expenses on a monthly basis and ensure timely payment of shared expenses.
Finding 2023-001
Condition - As of December 31, 2023, Mount St. Mary's Housing Development Fund Company, Inc. was owed $11,700 for shared expenses from a related party, which were over 30 days past due. Criteria - In accordance with HUD regulations, related party loans are not allowed without written approval from HUD. Effect - The Company is not in compliance with its regulatory agreement with HUD. Cause - The Company did not follow up on past due receivables from a related party. Recommendation - The Company should collect the balance due as soon as possible. Management's Corrective Action - In March 2024, the Company obtained the final payment to repay the $11,700 of past due receivables. Management has established a new report to monitor the shared expenses on a monthly basis and ensure timely payment of shared expenses.
Finding 2023-001
Condition - As of December 31, 2023, Mount St. Mary's Housing Development Fund Company, Inc. was owed $11,700 for shared expenses from a related party, which were over 30 days past due. Criteria - In accordance with HUD regulations, related party loans are not allowed without written approval from HUD. Effect - The Company is not in compliance with its regulatory agreement with HUD. Cause - The Company did not follow up on past due receivables from a related party. Recommendation - The Company should collect the balance due as soon as possible. Management's Corrective Action - In March 2024, the Company obtained the final payment to repay the $11,700 of past due receivables. Management has established a new report to monitor the shared expenses on a monthly basis and ensure timely payment of shared expenses.
Finding 2023-001
Condition - As of December 31, 2023, Mount St. Mary's Housing Development Fund Company, Inc. was owed $11,700 for shared expenses from a related party, which were over 30 days past due. Criteria - In accordance with HUD regulations, related party loans are not allowed without written approval from HUD. Effect - The Company is not in compliance with its regulatory agreement with HUD. Cause - The Company did not follow up on past due receivables from a related party. Recommendation - The Company should collect the balance due as soon as possible. Management's Corrective Action - In March 2024, the Company obtained the final payment to repay the $11,700 of past due receivables. Management has established a new report to monitor the shared expenses on a monthly basis and ensure timely payment of shared expenses.