FAC Explorer

Audit 367165

FY End
2019-10-31
Total Expended
$14.89M
Findings
1
Programs
5
Organization: New York State Housing Finance Agency (NY)
Year: 2019 Accepted: 2025-09-23
Auditor: Ernst & Young LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1154802 2019-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.275 Housing Trust Fund $5.29M Yes 1
14.103 Interest Reduction Payments Rental and Cooperative Housing for Lower Income Families $4.99M Yes 0
14.182 Lower Income Housing Assistance Program_section 8 New Construction/substantial Rehabilitation $2.10M Yes 0
14.856 Lower Income Housing Assistance Program Section 8 Moderate Rehabilitation $1.93M Yes 0
14.169 Housing Counseling Assistance Program $583,854 Yes 0

Contacts

Name Title Type
C26FCTUN91C7 Sonya Kinckle Auditee
2128720437 Danielle Hurlburt Auditor
No contacts on file

Notes to SEFA

The Schedule has been restated to include ALN 14.275 in the amount of $5,289,767. Total expenditures for the federal program were previously omitted on the originally submitted Schedule for the year ended October 31, 2019.
In 2008 the Housing and Economic Recovery Act created the National Housing Trust Fund. The purpose of the funding was to provide grants to state governments to increase and preserve the supply of rental housing for extremely low- and very low-income families, including homeless families, and to increase homeownership for extremely low- and very low-income families. There were $5.3 million in Housing Trust Fund loans outstanding at October 31, 2019.

Finding Details

Finding 2019-001
Federal Program Information U.S. Department of Housing and Urban Development Housing Trust Fund (ALN: 14.275) Criteria or specific requirement The Uniform Guidance 2 CFR section 200.303 states, “The non-Federal entity must: (a) Establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or the “Internal Control Integrated Framework”, issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).” The Uniform Guidance 2 CFR section 200.510 states, “(b) Schedule of expenditures of Federal awards. The auditee must also prepare a schedule of expenditures of federal awards (SEFA) for the period covered by the auditee’s financial statements which must include the total Federal awards expended as determined in accordance with §200.502 Basis for determining Federal awards expended.” Condition The Agency omitted federally-funded expenditures required to be reported as part of the Schedule for the year ended October 31, 2019. Cause The Agency’s internal controls in place over the preparation of the Schedule were not sufficient to accurately report all expenditures of federal awards. Effect The omission of expenditures resulted in a major program not being identified in a timely manner. Section III –Federal Awards Findings and Questioned Costs (continued) Questioned Costs None. Context Expenditures of ALN 14.275 Housing Trust Fund were understated by $5.3 million. Identification as a Repeat Finding, if applicable This is not a repeat finding. Recommendation The Agency should review its internal controls over the process of accumulating and reporting expenditures of federal awards. Views of Responsible Officials The Agency agrees with the finding and has developed internal controls to ensure accurate and complete reporting of federal expenditures.