Audit 33263

FY End

2022-09-30

Total Expended

$1.31M

Findings

2

Programs

2

Organization: Syracuse YMCA Senior Citizen Housing Development Fund Corporation (NY)

Year: 2022 Accepted: 2023-03-01

Auditor: Dermody Burke & Brown CPAS LLC

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
30653	2022-001	-	Yes	N
607095	2022-001	-	Yes	N

ALN	Program	Spent	Major	Findings
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$1.03M	Yes	1
14.195	Section 8 Housing Assistance Payments Program	$282,274	-	0

Contacts

Name	Title	Type
SPWRAFL34RC8	Anne Hawkes	Auditee
3154740783	Lori A Ciarla	Auditor
No contacts on file

Notes to SEFA

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Syracuse YMCA Senior Citizen Housing Development Fund Corporation (Syracuse YMCA Apartments), FHA Project No. 014-11146, 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Syracuse YMCA Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Syracuse YMCA Apartments. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Syracuse YMCA Apartments did not pass any federal funds to subrecipients for the year ended September 30, 2022.

Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MORTGAGE INSURANCE Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Syracuse YMCA Senior Citizen Housing Development Fund Corporation (Syracuse YMCA Apartments), FHA Project No. 014-11146, 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Syracuse YMCA Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Syracuse YMCA Apartments. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Syracuse YMCA Apartments received a U.S. Department of Housing and Urban Development insured loan under Section 207/223(f) of the National Housing Act on July 30, 1982. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Syracuse YMCA Apartments received no additional loans during the year. The balance of the loan outstanding as of September 30, 2022 consists of:OutstandingAL Balance as ofNumberProgram NameSeptember 30, 202214.155Mortgage Insurance Multifamily Housing Projects [Section 207/223(f)]$ 1,002,200

Finding Details

Finding 2022-001

Finding 2022-001: Mortgage Insurance ? Multifamily Housing Projects [Section 207/223(f)] ? AL No. 14.155 a. Statement of Condition: The required deposit of surplus cash of $4,454 as of September 30, 2021 to the residual receipts reserve account was not made within the required 60 days following the balance sheet date. b. Criteria: Syracuse YMCA Apartments is required to determine surplus cash requirements annually. If surplus cash exists, the amount must be transferred from the operating account to the residual receipts account within 60 days of the project?s fiscal year-end. c. Effect of Condition: The project is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. d. Repeat Finding from Prior Year: Yes e. Cause of Condition: The surplus cash transfer was done late due to staff transition. f. Recommendation: Syracuse YMCA Apartments should deposit the required funds in the future into the residual receipts reserve account within the 60-day requirement. g. Views of Responsible Officials and Planned Corrective Actions: Syracuse YMCA Apartments agrees with the finding and the auditor?s recommendations have been adopted.

Finding 2022-001

Finding 2022-001: Mortgage Insurance ? Multifamily Housing Projects [Section 207/223(f)] ? AL No. 14.155 a. Statement of Condition: The required deposit of surplus cash of $4,454 as of September 30, 2021 to the residual receipts reserve account was not made within the required 60 days following the balance sheet date. b. Criteria: Syracuse YMCA Apartments is required to determine surplus cash requirements annually. If surplus cash exists, the amount must be transferred from the operating account to the residual receipts account within 60 days of the project?s fiscal year-end. c. Effect of Condition: The project is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. d. Repeat Finding from Prior Year: Yes e. Cause of Condition: The surplus cash transfer was done late due to staff transition. f. Recommendation: Syracuse YMCA Apartments should deposit the required funds in the future into the residual receipts reserve account within the 60-day requirement. g. Views of Responsible Officials and Planned Corrective Actions: Syracuse YMCA Apartments agrees with the finding and the auditor?s recommendations have been adopted.