FAC Explorer

Audit 348341

FY End
2024-06-30
Total Expended
$1.86M
Findings
2
Programs
1
Organization: Cicero Commons Senior Housing Development Fund Company, Inc. (NY)
Year: 2024 Accepted: 2025-03-26
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
530261 2024-001 - Yes N
1106703 2024-001 - Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $1.86M Yes 1

Contacts

Name Title Type
CFD3ZFMMRAS6 Kyle P. Lyskawa Auditee
3154241821 Bettina Lipphardt Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Basis of Presentation This schedule of expenditures of federal awards includes the federal grant activity of Cicero Commons Senior Housing Development Fund Company, Inc. (Lucille Manor Apartments), HUD Project NO. 014-EE215/NY06-S021-003 (the Corporation) 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. Capital Advance The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at June 30, 2024 was $1,734,700. Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. 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.

Finding Details

Finding 2024-001
Finding 2024-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Lucille Manor 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. Condition: The required deposit of $7,387 for the year ended June 30, 2023 was made in March 2024, which is after the 60 day deadline. Context: We reviewed the residual receipts deposits during the year. Cause: Lucille Manor Apartments’ surplus cash calculation was not performed timely. Effect: Lucille Manor Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: Lucille Manor Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: Lucille Manor Apartments agrees with the finding and the auditor’s recommendations have been adopted.
Finding 2024-001
Finding 2024-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Lucille Manor 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. Condition: The required deposit of $7,387 for the year ended June 30, 2023 was made in March 2024, which is after the 60 day deadline. Context: We reviewed the residual receipts deposits during the year. Cause: Lucille Manor Apartments’ surplus cash calculation was not performed timely. Effect: Lucille Manor Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: Lucille Manor Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: Lucille Manor Apartments agrees with the finding and the auditor’s recommendations have been adopted.