FAC Explorer

Audit 319571

FY End
2022-07-31
Total Expended
$15.62M
Findings
4
Programs
2
Organization: Evergreen Estates Housing Development Fund Company, Inc. (NY)
Year: 2022 Accepted: 2024-09-13
Auditor: Cbiz CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
496852 2022-004 Significant Deficiency Yes L
496853 2022-004 Significant Deficiency Yes L
1073294 2022-004 Significant Deficiency Yes L
1073295 2022-004 Significant Deficiency Yes L

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $12.73M Yes 1
14.195 Section 8 Housing Assistance Payments Program $2.89M Yes 1

Contacts

Name Title Type
LH1GAXMKHGZ7 Nestor Olivier Auditee
2125630310 Vivian Jin Auditor
No contacts on file

Notes to SEFA

Title: Note 3 - Mortage Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Evergreen Estates Housing Development Fund Company, Inc., HUD Project No. 012-11384 under programs of the federal government for the year ended July 31, 2022. 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). Because the Schedule presents only a selected portion of operations of Evergreen Estates Housing Development Fund Company, Inc., it is not intended to and does present the financial position, changes in net deficit, or cash flows of Evergreen Estates Housing Development Fund Company, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Evergreen Estates Housing Development Fund Company, Inc. has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Evergreen Estates Housing Development Fund Company, Inc. has a loan guaranteed by HUD and the outstanding balance of the loan at July 31, 2022 is $12,494,678.

Finding Details

Finding 2022-004
Criteria: Electronic submission is required to be submitted to REAC within nine months of year end. Condition: Electronic submission to REAC was not submitted within nine months of year end. Cause: The financial statements were not finalized by the due date. Effect: The Project is not in compliance with the Uniform Guidance. Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. Reporting Views of Responsible Officials: Management has acknowledged a breach in protocol and will resolve the matter as soon as possible. Prior Year Finding: Yes
Finding 2022-004
Criteria: Electronic submission is required to be submitted to REAC within nine months of year end. Condition: Electronic submission to REAC was not submitted within nine months of year end. Cause: The financial statements were not finalized by the due date. Effect: The Project is not in compliance with the Uniform Guidance. Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. Reporting Views of Responsible Officials: Management has acknowledged a breach in protocol and will resolve the matter as soon as possible. Prior Year Finding: Yes
Finding 2022-004
Criteria: Electronic submission is required to be submitted to REAC within nine months of year end. Condition: Electronic submission to REAC was not submitted within nine months of year end. Cause: The financial statements were not finalized by the due date. Effect: The Project is not in compliance with the Uniform Guidance. Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. Reporting Views of Responsible Officials: Management has acknowledged a breach in protocol and will resolve the matter as soon as possible. Prior Year Finding: Yes
Finding 2022-004
Criteria: Electronic submission is required to be submitted to REAC within nine months of year end. Condition: Electronic submission to REAC was not submitted within nine months of year end. Cause: The financial statements were not finalized by the due date. Effect: The Project is not in compliance with the Uniform Guidance. Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. Reporting Views of Responsible Officials: Management has acknowledged a breach in protocol and will resolve the matter as soon as possible. Prior Year Finding: Yes