Audit 324133

FY End

2024-06-30

Total Expended

$5.65M

Findings

4

Programs

1

Organization: Yw-Wny Housing Development Fund Co., Inc. - Project #014-Ee084 (NY)

Year: 2024 Accepted: 2024-10-08

Auditor: Efpr Group Cpa’s PLLC

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
501974	2024-002	-	Yes	N
501975	2024-002	-	Yes	N
1078416	2024-002	-	Yes	N
1078417	2024-002	-	Yes	N

ALN	Program	Spent	Major	Findings
14.157	Supportive Housing for the Elderly	$500,852	Yes	1

Contacts

Name	Title	Type
F8CNE4F9YTA1	Ronald Olejniczak, CPA	Auditee
7168526120	Robert Williams, CPA	Auditor
No contacts on file

Notes to SEFA

Title: CAPITAL ADVANCE Accounting Policies: The schedule of expenditures of federal awards 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: N Rate Explanation: The Company does not use the 10% de minimis cost rate. The amounts reported for Assistance Listing Number 14.157 in expenditures relate to U.S. Department of Housing and Urban Development - Section 202 Capital Advance Program. The ending balance of the capital advance is $5,147,400 at June 30, 2024.

Finding Details

Finding 2024-002

Condition - The reserve for replacements account is underfunded by $115,273 for the year ended June 30, 2024. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $12,916 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding - This is a repeat of finding 2023-002 from the prior year. Recommendation - We recommend that the delinquent deposit totaling $115,273 for the year ended June 30, 2024 be deposited into the reserve for replacements account as soon as possible. Management’s Reply -(a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.(b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $115,273 into the reserve for replacements account. Management will deposit funds as they become available.

Finding 2024-002

Condition - The reserve for replacements account is underfunded by $115,273 for the year ended June 30, 2024. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $12,916 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding - This is a repeat of finding 2023-002 from the prior year. Recommendation - We recommend that the delinquent deposit totaling $115,273 for the year ended June 30, 2024 be deposited into the reserve for replacements account as soon as possible. Management’s Reply -(a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.(b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $115,273 into the reserve for replacements account. Management will deposit funds as they become available.

Finding 2024-002

Condition - The reserve for replacements account is underfunded by $115,273 for the year ended June 30, 2024. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $12,916 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding - This is a repeat of finding 2023-002 from the prior year. Recommendation - We recommend that the delinquent deposit totaling $115,273 for the year ended June 30, 2024 be deposited into the reserve for replacements account as soon as possible. Management’s Reply -(a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.(b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $115,273 into the reserve for replacements account. Management will deposit funds as they become available.

Finding 2024-002

Condition - The reserve for replacements account is underfunded by $115,273 for the year ended June 30, 2024. Criteria - As part of Special Tests and Provisions related to Assistance Listing Number 14.157-Supportive Housing for the Elderly, the Company is required to deposit $12,916 in a reserve for replacements account on a monthly basis. Effect - The Company was not in compliance with the above HUD regulations. Cause - The reserve for replacements account was not adequately funded during the year. Statistical Sampling - The sample was not intended to be, and was not, a statistically valid sample. Repeat Finding - This is a repeat of finding 2023-002 from the prior year. Recommendation - We recommend that the delinquent deposit totaling $115,273 for the year ended June 30, 2024 be deposited into the reserve for replacements account as soon as possible. Management’s Reply -(a) Comments on the finding and recommendation: Management agrees with the finding. Management also agrees with the recommendation, please see below for action taken.(b) Action taken: The Company currently does not have enough operating funds to deposit the underfunded amount of $115,273 into the reserve for replacements account. Management will deposit funds as they become available.