FAC Explorer

Audit 326930

FY End
2023-12-31
Total Expended
$995,656
Findings
4
Programs
1
Organization: Ulster Accessible Apartments and Housing Development Fund Corporation (NY)
Year: 2023 Accepted: 2024-11-01
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
504351 2023-001 Material Weakness - P
504352 2023-001 Material Weakness - P
1080793 2023-001 Material Weakness - P
1080794 2023-001 Material Weakness - P

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $11,086 Yes 1

Contacts

Name Title Type
GDNTDZHTLH53 Bill Sammis Auditee
8453367235 Tyler Sass Auditor
No contacts on file

Notes to SEFA

Title: CAPITAL ADVANCE Accounting Policies: Basis of Presentation This schedule of expenditures of federal awards includes the federal grant activity Ulster Accessible Apartments and Housing Development Fund Corporation, HUD Project No. 012-EH646 (a New York not-for-profit corporation) (the Project) 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. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Project obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at December 31, 2023 was $984,570.

Finding Details

Finding 2023-001
Criteria: Fixed assets must be reconciled to detailed depreciation reports. Condition: During our audit, we noted that fixed assets were not being reconciled to detailed depreciation reports throughout the year. This resulted in material entries to correct for fixed asset additions. Context: The reconciliation issues can be attributed to turnover in staffing as the Project has experienced significant turnover in its finance department. Effect: The Project is not accurately reporting financial information throughout the year. Cause: Turnover in the finance department resulted in a delay for reconciling certain general ledger accounts. Recommendation: We recommend that the Project review and strengthen current procedures regarding the reconciliation process to ensure all accounts are reconciled timely and accurately. Views of management and planned corrective action: The CFO and project manager will continue to oversee the fixed assets reconciliation process. A formal reconciliation procedure will be implemented and monitored. The Project will review, reevaluate, and readjust as needed.
Finding 2023-001
Criteria: Fixed assets must be reconciled to detailed depreciation reports. Condition: During our audit, we noted that fixed assets were not being reconciled to detailed depreciation reports throughout the year. This resulted in material entries to correct for fixed asset additions. Context: The reconciliation issues can be attributed to turnover in staffing as the Project has experienced significant turnover in its finance department. Effect: The Project is not accurately reporting financial information throughout the year. Cause: Turnover in the finance department resulted in a delay for reconciling certain general ledger accounts. Recommendation: We recommend that the Project review and strengthen current procedures regarding the reconciliation process to ensure all accounts are reconciled timely and accurately. Views of management and planned corrective action: The CFO and project manager will continue to oversee the fixed assets reconciliation process. A formal reconciliation procedure will be implemented and monitored. The Project will review, reevaluate, and readjust as needed.
Finding 2023-001
Criteria: Fixed assets must be reconciled to detailed depreciation reports. Condition: During our audit, we noted that fixed assets were not being reconciled to detailed depreciation reports throughout the year. This resulted in material entries to correct for fixed asset additions. Context: The reconciliation issues can be attributed to turnover in staffing as the Project has experienced significant turnover in its finance department. Effect: The Project is not accurately reporting financial information throughout the year. Cause: Turnover in the finance department resulted in a delay for reconciling certain general ledger accounts. Recommendation: We recommend that the Project review and strengthen current procedures regarding the reconciliation process to ensure all accounts are reconciled timely and accurately. Views of management and planned corrective action: The CFO and project manager will continue to oversee the fixed assets reconciliation process. A formal reconciliation procedure will be implemented and monitored. The Project will review, reevaluate, and readjust as needed.
Finding 2023-001
Criteria: Fixed assets must be reconciled to detailed depreciation reports. Condition: During our audit, we noted that fixed assets were not being reconciled to detailed depreciation reports throughout the year. This resulted in material entries to correct for fixed asset additions. Context: The reconciliation issues can be attributed to turnover in staffing as the Project has experienced significant turnover in its finance department. Effect: The Project is not accurately reporting financial information throughout the year. Cause: Turnover in the finance department resulted in a delay for reconciling certain general ledger accounts. Recommendation: We recommend that the Project review and strengthen current procedures regarding the reconciliation process to ensure all accounts are reconciled timely and accurately. Views of management and planned corrective action: The CFO and project manager will continue to oversee the fixed assets reconciliation process. A formal reconciliation procedure will be implemented and monitored. The Project will review, reevaluate, and readjust as needed.