FAC Explorer

Audit 306495

FY End
2023-12-31
Total Expended
$1.96M
Findings
2
Programs
2
Organization: The Mount St. James Housing Development Fund Company, Inc. (NY)
Year: 2023 Accepted: 2024-05-17
Auditor: Dimarco Abiusi & Pascarella PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
397076 2023-001 - - L
973518 2023-001 - - L

Programs

ALN Program Spent Major Findings
14.164 Operating Assistance for Troubled Multifamily Housing Projects $1.62M Yes 1
14.195 Section 8 Housing Assistance Payments Program $332,141 - 0

Contacts

Name Title Type
WH1JJF9ZQAJ6 Kyle Lyskawa Auditee
3154241821 Maria Snyder Auditor
No contacts on file

Notes to SEFA

Title: Note A Accounting Policies: Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Mount St. James Housing Development Fund Company, Inc. 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. Note A - Basis Of Presentation - The accompanying schedule of expenditures of federal awards includes the federal award activity of The Mount St. James Housing Development Fund Company, Inc., HUD Section 8 Contract No. NY02L000006, 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of The Mount St. James Housing Development Company, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Mount St. James Housing Development Fund Company, Inc.
Title: Note B Accounting Policies: Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Mount St. James Housing Development Fund Company, Inc. 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. Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Mount St. James Housing Development Fund Company, Inc. has elected not to use the 10- percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C Accounting Policies: Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Mount St. James Housing Development Fund Company, Inc. 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. Note C - U.S Department of Housing and Urban Development Loan Program - The Mount St. James Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Mount St. James Housing Development Fund Company, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2023 consists of the following: ALN: 14.164; Program Name: Operating Assistance for Troubled Multifamily Housing Projects; Outstanding Balance at December 31, 2023: $1,553,048.

Finding Details

Finding 2023-001
Finding No. 2023-001: Prior Year Reporting Package and Data Collection Not Filed Timely a. The Mount St. James Housing Development Fund Company, Inc. December 31, 2022 reporting package and data collection form was not filed with the Federal Audit Clearinghouse on time. b. Criteria: 2 CFR section 200.512(a)(1) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 days after the reports are received from the auditors or nine months after the end of the audit period. c. Effect of condition: The effect is that the project would not be considered a "Low Risk Auditee" for at least the fiscal years ending December 31, 2023 and December 31, 2024. This designation will require the auditor to audit at least 40% of the project's programs as Major programs until such time that the project may be considered a “Low Risk Auditee” again. d. Cause of condition: The reporting package and data collection form was submitted to the Federal Audit Clearinghouse 80 days late due to management not monitoring CPA firm to enter data in data collection form as agreed upon resulting in a late filing. The form was submitted on December 19, 2023. e. Recommendation: We recommend that management implement procedures to ensure that reporting packages and data collection forms are filed timely in the future. f. Views of responsible officials and planned corrective actions: The Mount St. James Housing Development Fund Company, Inc. agrees with the finding and the auditor’s recommendations have been adopted.
Finding 2023-001
Finding No. 2023-001: Prior Year Reporting Package and Data Collection Not Filed Timely a. The Mount St. James Housing Development Fund Company, Inc. December 31, 2022 reporting package and data collection form was not filed with the Federal Audit Clearinghouse on time. b. Criteria: 2 CFR section 200.512(a)(1) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 days after the reports are received from the auditors or nine months after the end of the audit period. c. Effect of condition: The effect is that the project would not be considered a "Low Risk Auditee" for at least the fiscal years ending December 31, 2023 and December 31, 2024. This designation will require the auditor to audit at least 40% of the project's programs as Major programs until such time that the project may be considered a “Low Risk Auditee” again. d. Cause of condition: The reporting package and data collection form was submitted to the Federal Audit Clearinghouse 80 days late due to management not monitoring CPA firm to enter data in data collection form as agreed upon resulting in a late filing. The form was submitted on December 19, 2023. e. Recommendation: We recommend that management implement procedures to ensure that reporting packages and data collection forms are filed timely in the future. f. Views of responsible officials and planned corrective actions: The Mount St. James Housing Development Fund Company, Inc. agrees with the finding and the auditor’s recommendations have been adopted.