FAC Explorer

Audit 319715

FY End
2022-09-30
Total Expended
$9.78M
Findings
4
Programs
2
Organization: Longfellow Avenue Housing Development Fund Company, Inc. (NY)
Year: 2022 Accepted: 2024-09-16
Auditor: Cbiz CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
496972 2022-003 Significant Deficiency - L
496973 2022-003 Significant Deficiency - L
1073414 2022-003 Significant Deficiency - L
1073415 2022-003 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $8.10M Yes 1
14.195 Section 8 Housing Assistance Payments Program $1.69M Yes 1

Contacts

Name Title Type
YESLYLUZ5VN8 Nestor Olivier Auditee
2125630310 Vivian Jin Auditor
No contacts on file

Notes to SEFA

Title: Note 3 - Mortage Accounting Policies: The schedule of expenditures and federal awards (the “Schedule”) includes the federal award activity of Longfellow Avenue Housing Development Fund Company, Inc., HUD Project No. 012-11385 under programs of the federal government for the year ended September 30, 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 the operations of Longfellow Avenue Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Longfellow Avenue Housing Development Fund Company, Inc. De Minimis Rate Used: N Rate Explanation: Longfellow Avenue Housing Development Fund Company, Inc. has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance. Longfellow Avenue Housing Development Fund Company, Inc. has a loan guaranteed by HUD and the outstanding balance of the loan at September 30, 2022 is $7,944,257.

Finding Details

Finding 2022-003
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: No
Finding 2022-003
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: No
Finding 2022-003
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: No
Finding 2022-003
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: No