FAC Explorer

Audit 34625

FY End
2022-03-31
Total Expended
$2.91M
Findings
2
Programs
2
Organization: Friendship Manor Housing Development Fund Company, Inc. (NY)
Year: 2022 Accepted: 2023-06-28
Auditor: Efpr Group Cpa's PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
33851 2022-001 - - C
610293 2022-001 - - C

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.51M Yes 1
14.195 Section 8 Housing Assistance Payments Program $399,970 - 0

Contacts

Name Title Type
X9EJJGQCFVG4 Andrea D. Mays Auditee
7168542972 Robert Williams, CPA Auditor
No contacts on file

Notes to SEFA

Title: HUD Insured Mortgage Accounting Policies: The information 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 amount reported for Assistance Listing No. 14.155 in expenditures relate to a HUD insured mortgage. The ending balance of the loan is $2,456,862 at March 31, 2022.

Finding Details

Finding 2022-001
Condition - The prior year surplus cash on the amount of $7,133 was not deposited into the residual receipts account for the year ended March 31, 2022. Criteria - Non-profit owners and owners of limited distribution projects shall establish a residual receipts account and make deposits into the account in accordance with HUD requirements within 90 days after the close of the fiscal year. Effect - The Company was not in compliance with the above HUD regulations. Cause ? Surplus cash was not deposited into the residual receipts account. Recommendation - We recommend that the surplus cash in the amount of $7,133 be deposited into the residual receipts account as soon as possible. Management?s Reply - Management understands HUD's requirements for depositing surplus cash into the residual receipts account and will deposit the delinquent deposit of $7,133 into the residual receipts by July 8, 2022.
Finding 2022-001
Condition - The prior year surplus cash on the amount of $7,133 was not deposited into the residual receipts account for the year ended March 31, 2022. Criteria - Non-profit owners and owners of limited distribution projects shall establish a residual receipts account and make deposits into the account in accordance with HUD requirements within 90 days after the close of the fiscal year. Effect - The Company was not in compliance with the above HUD regulations. Cause ? Surplus cash was not deposited into the residual receipts account. Recommendation - We recommend that the surplus cash in the amount of $7,133 be deposited into the residual receipts account as soon as possible. Management?s Reply - Management understands HUD's requirements for depositing surplus cash into the residual receipts account and will deposit the delinquent deposit of $7,133 into the residual receipts by July 8, 2022.