FAC Explorer

Audit 360787

FY End
2024-09-30
Total Expended
$812,168
Findings
2
Programs
1
Organization: Metro North Gardens Housing Development Fund Corporation (NY)
Year: 2024 Accepted: 2025-06-30
Auditor: Vargas & Rivera LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
569185 2024-001 - Yes L
1145627 2024-001 - Yes L

Programs

ALN Program Spent Major Findings
14.195 Project-Based Rental Assistance (pbra) $812,168 Yes 1

Contacts

Name Title Type
EK46WCFML7S6 Sheldon Fox Auditee
7189936737 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, where in certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Metro North Gardens Housing Development Fund Corporation has elected not to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal grant activity of Metro North Gardens Housing Development Fund Corporation under programs of the federal government for the year ended September 30, 2024. 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 Metro North Gardens Housing Development Fund Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the entity.

Finding Details

Finding 2024-001
Criteria - Residual Receipts Account: Compliance Requirement – In accordance with the regulatory agreement, residual receipts reserve deposits should be made within 90 days of year end. Condition: During the year ended September 30, 2024, management did not make the required residual receipts reserve deposit in the amount of $38,870 within 90 day of year end, as required by the HUD regulatory agreement. Effect: The Organization is not in compliance with the Regulatory Agreement. Context: The population included the 12 monthly bank statements. Cause: Controls are not in place to ensure that required residual receipts reserve deposits are made timely. Repeat Finding: 2023-001 Questioned Costs: None. Recommendation: Management should establish internal controls and procedures to ensure that required residual receipts reserve deposits are made timely. Auditor Noncompliance Code: B - Failure to make required residual receipts deposits. Views of Responsible Officials and Planned Corrective Actions: In the future, management will calculate and make an estimated deposit within the 90 days of year end.
Finding 2024-001
Criteria - Residual Receipts Account: Compliance Requirement – In accordance with the regulatory agreement, residual receipts reserve deposits should be made within 90 days of year end. Condition: During the year ended September 30, 2024, management did not make the required residual receipts reserve deposit in the amount of $38,870 within 90 day of year end, as required by the HUD regulatory agreement. Effect: The Organization is not in compliance with the Regulatory Agreement. Context: The population included the 12 monthly bank statements. Cause: Controls are not in place to ensure that required residual receipts reserve deposits are made timely. Repeat Finding: 2023-001 Questioned Costs: None. Recommendation: Management should establish internal controls and procedures to ensure that required residual receipts reserve deposits are made timely. Auditor Noncompliance Code: B - Failure to make required residual receipts deposits. Views of Responsible Officials and Planned Corrective Actions: In the future, management will calculate and make an estimated deposit within the 90 days of year end.