FAC Explorer

Audit 329466

FY End
2023-12-31
Total Expended
$5.15M
Findings
2
Programs
3
Organization: Bishop's Commons, Inc. (NY)
Year: 2023 Accepted: 2024-11-22
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
509770 2023-001 Material Weakness Yes P
1086212 2023-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.129 Mortgage Insurance Nursing Homes, Intermediate Care Facilities, Board and Care Homes and Assisted Living Facilities $4.95M Yes 1
93.498 Provider Relief Fund and American Rescue Plan (arp) Rural Distribution $138,066 - 0
21.027 Coronavirus State and Local Fiscal Recovery Funds $62,553 - 0

Contacts

Name Title Type
ECCFUZMSHB36 Anne Connor Auditee
3152357120 Michelle Mundy Auditor
No contacts on file

Notes to SEFA

Title: Insured Mortgage Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bishop’s Commons, Inc. (Bishop’s Commons at St. Luke), FHA Project No. 014-43218 (the Corporation) and is presented in accordance with accounting principles generally accepted in the United States of America. The information in the 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 the Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Corporation. De Minimis Rate Used: N Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Corporation obtained mortgage guarantees from HUD. The outstanding balance of these mortgages at December 31, 2023 was $4,857,795.
Title: Provider Relief Funds Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bishop’s Commons, Inc. (Bishop’s Commons at St. Luke), FHA Project No. 014-43218 (the Corporation) and is presented in accordance with accounting principles generally accepted in the United States of America. The information in the 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 the Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Corporation. De Minimis Rate Used: N Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The amount included in the schedule of expenditures of federal awards is based upon the reporting periods ended September 30, 2023.

Finding Details

Finding 2023-001
2023-001 - Account Reconciliations Criteria: An effective system of internal controls over financial reporting requires consistent, timely reconciliations of major general ledger accounts. Condition: Several general ledger accounts were not fully reconciled at year end. Cause: Staffing shortages and turn over continued to put strain on the finance department by requiring existing staff to perform multiple job responsibilities. This caused a lack of time to perform complete and accurate reconciliations on a timely basis. Effect: Several accounts were not completely reconciled, causing a delay in the completion of the audit. Recommendation: We continue to recommend management review its current reconciliation policies and procedures to identify any gaps in process or changes in responsibilities in an effort to complete general ledger reconciliations on a timely basis. It will also improve the accuracy and timing of the financial information presented to the Board of Directors on a regular basis throughout the year.
Finding 2023-001
2023-001 - Account Reconciliations Criteria: An effective system of internal controls over financial reporting requires consistent, timely reconciliations of major general ledger accounts. Condition: Several general ledger accounts were not fully reconciled at year end. Cause: Staffing shortages and turn over continued to put strain on the finance department by requiring existing staff to perform multiple job responsibilities. This caused a lack of time to perform complete and accurate reconciliations on a timely basis. Effect: Several accounts were not completely reconciled, causing a delay in the completion of the audit. Recommendation: We continue to recommend management review its current reconciliation policies and procedures to identify any gaps in process or changes in responsibilities in an effort to complete general ledger reconciliations on a timely basis. It will also improve the accuracy and timing of the financial information presented to the Board of Directors on a regular basis throughout the year.