FAC Explorer

Audit 359011

FY End
2022-09-30
Total Expended
$5.72M
Findings
4
Programs
2
Organization: Milltwee Housing Development Fund Co, Inc. (NY)
Year: 2022 Accepted: 2025-06-17
Auditor: Vargas & Rivera LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
565071 2022-001 Significant Deficiency - L
565072 2022-002 Significant Deficiency - L
1141513 2022-001 Significant Deficiency - L
1141514 2022-002 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $4.87M Yes 2
14.195 Project-Based Rental Assistance (pbra) $846,119 - 0

Contacts

Name Title Type
HAYQHLNZXD38 Chester, Dawes Auditee
7188827377 Luis Carlos Rivera Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Milltwee Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal grant activity of Miltwee Housing Development Fund Company, Inc. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: US DEPARTMENT OF HUD - CAPITAL ADVANCE Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Milltwee Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Milltwee Housing Development Fund Company, Inc. has a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Milltwee Housing Develpment Fund Company, Inc. received no additional loans during the year.

Finding Details

Finding 2022-001
Criteria - Reporting: Compliance Requirement – The Data Collection Form is required to be submitted to the Federal Audit Clearinghouse within nine months of year end (2 CFR 200.512(a)(2). Condition: The Data Collection Form was not submitted to the Federal Audit Clearinghouse within the nine-month period for the year ended September 30, 2022. Effect: The Project is not in compliance with 2 CFR 200.512(a)(2). Context: The Data Collection Form was not filed timely. Cause: The annual audit was not completed within the applicable time frame so it was not available to be submitted by the due date. Recommendation: The Data Collection form should be filed as soon as possible. Views of Responsible Officials and Planned Corrective Actions: The Organization agrees with the finding and will file the report.
Finding 2022-002
Criteria: The Projects regulatory agreement with HUD and the HUD Uniform Financial Reporting Standards require financial statements to be submitted to HUD within 90 days fiscal year end. Condition: The financial information was not submitted to HUD within the 90 days following the end of fiscal year. Effect: The Project is not in compliance with the reporting requirements. Context: The financial information was not filed timely. Cause: The annual audit was not completed within the applicable time frames so it was not available to be submitted the due date. Repeat Finding: N/A Recommendation: The financial information should be filed as soon as possible. Auditor Non-Compliance Code: Reporting Views of Responsible Officials: Management agrees with the finding and will file the report.
Finding 2022-001
Criteria - Reporting: Compliance Requirement – The Data Collection Form is required to be submitted to the Federal Audit Clearinghouse within nine months of year end (2 CFR 200.512(a)(2). Condition: The Data Collection Form was not submitted to the Federal Audit Clearinghouse within the nine-month period for the year ended September 30, 2022. Effect: The Project is not in compliance with 2 CFR 200.512(a)(2). Context: The Data Collection Form was not filed timely. Cause: The annual audit was not completed within the applicable time frame so it was not available to be submitted by the due date. Recommendation: The Data Collection form should be filed as soon as possible. Views of Responsible Officials and Planned Corrective Actions: The Organization agrees with the finding and will file the report.
Finding 2022-002
Criteria: The Projects regulatory agreement with HUD and the HUD Uniform Financial Reporting Standards require financial statements to be submitted to HUD within 90 days fiscal year end. Condition: The financial information was not submitted to HUD within the 90 days following the end of fiscal year. Effect: The Project is not in compliance with the reporting requirements. Context: The financial information was not filed timely. Cause: The annual audit was not completed within the applicable time frames so it was not available to be submitted the due date. Repeat Finding: N/A Recommendation: The financial information should be filed as soon as possible. Auditor Non-Compliance Code: Reporting Views of Responsible Officials: Management agrees with the finding and will file the report.