FAC Explorer

Audit 323507

FY End
2021-10-31
Total Expended
$7.48M
Findings
4
Programs
2
Organization: Boston Road Housing Development Fund Company, Inc. (NY)
Year: 2021 Accepted: 2024-10-01
Auditor: Cbiz CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
501232 2021-004 Significant Deficiency - N
501233 2021-004 Significant Deficiency - N
1077674 2021-004 Significant Deficiency - N
1077675 2021-004 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $5.68M Yes 1
14.195 Section 8 Housing Assistance Payments Program $1.80M Yes 1

Contacts

Name Title Type
FA8MH2PF6YD3 Nestor Olivier Auditee
2125630310 Vivian Jin Auditor
No contacts on file

Notes to SEFA

Title: Note 3 - Mortage Accounting Policies: Note 1 – Basis of Presentation and Significant Accounting Policies The schedule of expenditures of federal awards includes the federal award activity of Boston Road Housing Development Fund Company, Inc., HUD Project No. 012-11299, and is presented on the accrual basis of accounting, following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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 Boston Road Housing Development Fund Company, Inc., it is not intended to and does present the financial position, changes in net deficit, or cash flows of Boston Road Housing Development Fund Company, Inc. De Minimis Rate Used: N Rate Explanation: Note 2 – Indirect Cost Rates Boston Road Housing Development Fund Company, Inc. has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Boston Road Housing Development Fund Company, Inc. has a loan guaranteed by HUD with an outstanding balance of $10,392,594 at October 31, 2021.

Finding Details

Finding 2021-004
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: No.
Finding 2021-004
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: No.
Finding 2021-004
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: No.
Finding 2021-004
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: No.