FAC Explorer

Audit 304597

FY End
2023-12-31
Total Expended
$2.68M
Findings
2
Programs
1
Organization: Gethsemane Manor Housing Development Fund Co., Inc. (NY)
Year: 2023 Accepted: 2024-04-26
Auditor: Dermody Burke & Brown CPAS LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
394748 2023-001 - - N
971190 2023-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $208,307 - 0

Contacts

Name Title Type
ZSRXVQN2EPZ6 Dawn Olmstead Auditee
3153371401 Lori Ciarla Auditor
No contacts on file

Notes to SEFA

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Gethsemane Manor Housing Development Fund Company, Inc. (Gethsemane Manor Apartments), HUD Project No. 014-EH257 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Gethsemane Manor Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Gethsemane Manor Apartments. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Gethsemane Manor Apartments did not pass any federal funds to subrecipients for the year ended December 31, 2023.

Finding Details

Finding 2023-001
a. Statement of Condition: Gethsemane Manor Apartments did not make all twelve required deposits to the replacement reserve account. b. Criteria: Mortgagor must deposit a HUD-determined amount into the reserve fund for replacements each month per the HUD Regulatory Agreement. c. Effect of Condition: The project is not in compliance with the HUD Regulatory Agreement. d. Cause of Condition: Gethsemane Manor Apartments experienced operating cash flow issues during 2023 due to vacancies. e. Recommendation: Gethsemane Manor Apartments should deposit the necessary funds as soon as possible to ensure that the replacement reserve is fully funded in accordance with the HUD Regulatory Agreement. f. Views of Responsible Officials and Planned Corrective Action: Gethsemane Manor Apartments agrees with the finding and the auditor’s recommendations have been adopted.
Finding 2023-001
a. Statement of Condition: Gethsemane Manor Apartments did not make all twelve required deposits to the replacement reserve account. b. Criteria: Mortgagor must deposit a HUD-determined amount into the reserve fund for replacements each month per the HUD Regulatory Agreement. c. Effect of Condition: The project is not in compliance with the HUD Regulatory Agreement. d. Cause of Condition: Gethsemane Manor Apartments experienced operating cash flow issues during 2023 due to vacancies. e. Recommendation: Gethsemane Manor Apartments should deposit the necessary funds as soon as possible to ensure that the replacement reserve is fully funded in accordance with the HUD Regulatory Agreement. f. Views of Responsible Officials and Planned Corrective Action: Gethsemane Manor Apartments agrees with the finding and the auditor’s recommendations have been adopted.