FAC Explorer

Audit 319673

FY End
2024-03-31
Total Expended
$3.08M
Findings
2
Programs
3
Organization: Sen Citizens Hsg Dev Fund CORP of Steuben County Two,inc (FL)
Year: 2024 Accepted: 2024-09-16
Auditor: Bellows Associates P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
496932 2024-001 - - N
1073374 2024-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly - Capital Advance $2.70M Yes 1
14.157 Supportive Housing for the Elderly - Project Rental Assistance Contract - (prac) $376,380 Yes 0
14.157 Supportive Housing for the Elderly - Covid-19 Prac $3,310 Yes 0

Contacts

Name Title Type
JG7FJBLJZPW8 Irene Phillips Auditee
9548359200 Jennifer R. Koffman Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Senior Citizens Housing Development Fund Corporation of Steuben County Two, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Senior Citizens Housing Development Fund Corporation of Steuben County Two, Inc., HUD Project No. 014-EE043, 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 Senior Citizens Housing Development Fund Corporation of Steuben County Two, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Senior Citizens Housing Development Fund Corporation of Steuben County Two, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Senior Citizens Housing Development Fund Corporation of Steuben County Two, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Senior Citizens Housing Development Fund Corporation of Steuben County Two, Inc. has received a HUD capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Senior Citizens Housing Development Fund Corporation of Steuben County Two, Inc. received no additional loans during the year. The balance of the capital advance outstanding as of March 31, 2024 was $2,695,400.

Finding Details

Finding 2024-001
FINDING No. 2024-001: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Unresolved. Information on Universe Population Size: Escrow accounts. Sample Size Information: Escrow accounts. Identification of Repeat Finding and Finding Reference Number: No. Criteria: As required by the regulatory agreement, the Project is required to pay, when due, all taxes, assessments and other charges. Statement of Condition: The Project is deficient in funding escrow deposits in the amount of $6,953. Cause: The Project did not properly fund the escrow account based on the current period insurance premiums and tax rates. Effect or Potential Effect: The escrow deposits are not sufficient to meet future obligations. Auditor Non-Compliance Code: Z – Other Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations will be adopted. Recommendation: The Project should make sufficient deposits to the escrow account in a timely manner. Response Indicator: Agree. Completion Date: 3/31/2025 Response: Escrows were underfunded due primarily to a high increase in insurance rates. The project will fund the shortfall. Escrow balances will be reviewed on a regular basis to ensure adequate funding.
Finding 2024-001
FINDING No. 2024-001: Section 202 Supportive Housing for the Elderly, ALN 14.157 Finding Resolution Status: Unresolved. Information on Universe Population Size: Escrow accounts. Sample Size Information: Escrow accounts. Identification of Repeat Finding and Finding Reference Number: No. Criteria: As required by the regulatory agreement, the Project is required to pay, when due, all taxes, assessments and other charges. Statement of Condition: The Project is deficient in funding escrow deposits in the amount of $6,953. Cause: The Project did not properly fund the escrow account based on the current period insurance premiums and tax rates. Effect or Potential Effect: The escrow deposits are not sufficient to meet future obligations. Auditor Non-Compliance Code: Z – Other Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations will be adopted. Recommendation: The Project should make sufficient deposits to the escrow account in a timely manner. Response Indicator: Agree. Completion Date: 3/31/2025 Response: Escrows were underfunded due primarily to a high increase in insurance rates. The project will fund the shortfall. Escrow balances will be reviewed on a regular basis to ensure adequate funding.