FAC Explorer

Audit 366590

FY End
2024-06-30
Total Expended
$1.99M
Findings
1
Programs
2
Organization: Rome Mall Housing Development Fund Company, Inc. (NY)
Year: 2024 Accepted: 2025-09-18
Auditor: Dimarco Abiusi & Pascarella CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1153384 2024-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $1.59M Yes 1
14.195 Section 8 Housing Assistance Payments Program $398,373 Yes 0

Contacts

Name Title Type
SPFJUMCLJLP3 Kyle Lyskawa Auditee
3154241821 Maria Snyder Auditor
No contacts on file

Notes to SEFA

Note A - Basis Of Presentation - The accompanying schedule of expenditures of federal awards includes the federal award activity of Rome Mall Housing Development Fund Company, Inc. (Rome Mall Apartments), Project No. 014-11191, 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Rome Mall Apartments, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Rome Mall Apartments.
Note B - Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Rome Mall Housing Development Fund Company, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Note C - U.S Department of Housing and Urban Development Loan Program - Rome Mall Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban Development insured loan under Section 207/223(f) of the National Housing Act on July 25, 2012. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Rome Mall Apartments received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 consists of the following: ALN Number: 14.155; Program Name: Mortgage Insurance - Multifamily Housing Projects [Section 207/223(f)]; Outstanding balance at June 30, 2024: $1,546,454.

Finding Details

Finding 2024-001
Finding No. 2024-001: Current Year Reporting Package and Data Collection Not Filed Timely a. The Rome Mall Housing Development Fund Company, Inc. June 30, 2024 reporting package and data collection form was not filed with the Federal Audit Clearinghouse on time. b. Criteria: 2 CFR section 200.512(a)(1) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 days after the reports are received from the auditors or nine months after the end of the audit period. c. Effect of condition: The effect is that the project would not be considered a "Low Risk Auditee" for at least the fiscal years ending June 30, 2025 and June 30, 2026. This designation will require the auditor to audit at least 40% of the project's programs as Major programs until such time that the project may be considered a “Low Risk Auditee” again. d. Cause of condition: The reporting package and data collection form was submitted to the Federal Audit Clearinghouse late due to a delay in the delivery of audit materials attributable to upper-level management transitions resulting in a late filing. The form will be submitted as soon as possible. e. Recommendation: We recommend that management implement procedures to ensure that reporting packages and data collection forms are filed timely in the future. f. Views of responsible officials and planned corrective actions: Rome Mall Apartments agrees with the finding and the auditor’s recommendations have been adopted.