FAC Explorer

Audit 347114

FY End
2024-09-30
Total Expended
$1.95M
Findings
2
Programs
2
Organization: Syracuse YMCA Senior Citizen Housing Development Fund Corporation (NY)
Year: 2024 Accepted: 2025-03-20
Auditor: Dermody Burke & Brown CPAS LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
529140 2024-001 - - N
1105582 2024-001 - - N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.69M Yes 1
14.195 Project-Based Rental Assistance (pbra) $254,838 - 0

Contacts

Name Title Type
SPWRAFL34RC8 Anne Hawkes Auditee
3154746851 Lori 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, 2024.
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, 2024 consists of: Outstanding AL Balance as of Number Program Name September 30, 2024 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $ 1,675,815

Finding Details

Finding 2024-001
Multifamily Housing Projects – AL No. 14.155 a. Condition: During the audit of Syracuse YMCA Senior Citizen Housing Development Fund Corporation (Syracuse YMCA Apartments), it was identified that property management failed to perform required tenant recertifications for multiple tenants within the HUD required time frame. b. Criteria: Syracuse YMCA Apartments is required to provide timely and accurate recertifications to HUD to verify compliance with tenant eligibility and rent calculations. c. Effect: The project is not in compliance with the HUD Regulatory Agreement as it relates to the annual recertification of tenants. This failure can result in incorrect rent calculations, potentially causing overpayments or underpayments of subsidies and suspension of subsidy payments. d. Cause: Procedures are in place for annual tenant recertification. However, due to significant employee turnover and lack of property management staff, there was an oversight by the managing agent in ensuring all tenants were recertified annually in accordance with HUD guidelines. e. Recommendation: Syracuse YMCA Apartments should take measures to ensure that all tenants who have missed their recertification deadlines are properly recertified as soon as administratively feasible. In addition, management should implement internal policies to ensure all future recertifications are completed within HUD’s required timeline to avoid further disruption of subsidy payments. f. Views of Responsible Officials and Planned Corrective Actions: Syracuse YMCA Apartments agrees with the finding and the auditor’s recommendations have been adopted.
Finding 2024-001
Multifamily Housing Projects – AL No. 14.155 a. Condition: During the audit of Syracuse YMCA Senior Citizen Housing Development Fund Corporation (Syracuse YMCA Apartments), it was identified that property management failed to perform required tenant recertifications for multiple tenants within the HUD required time frame. b. Criteria: Syracuse YMCA Apartments is required to provide timely and accurate recertifications to HUD to verify compliance with tenant eligibility and rent calculations. c. Effect: The project is not in compliance with the HUD Regulatory Agreement as it relates to the annual recertification of tenants. This failure can result in incorrect rent calculations, potentially causing overpayments or underpayments of subsidies and suspension of subsidy payments. d. Cause: Procedures are in place for annual tenant recertification. However, due to significant employee turnover and lack of property management staff, there was an oversight by the managing agent in ensuring all tenants were recertified annually in accordance with HUD guidelines. e. Recommendation: Syracuse YMCA Apartments should take measures to ensure that all tenants who have missed their recertification deadlines are properly recertified as soon as administratively feasible. In addition, management should implement internal policies to ensure all future recertifications are completed within HUD’s required timeline to avoid further disruption of subsidy payments. f. Views of Responsible Officials and Planned Corrective Actions: Syracuse YMCA Apartments agrees with the finding and the auditor’s recommendations have been adopted.