FAC Explorer

Audit 368685

FY End
2024-12-31
Total Expended
$13.25M
Findings
4
Programs
1
Organization: Soundview Senior Hdfc (NY)
Year: 2024 Accepted: 2025-09-29
Auditor: Pkf O'Connor Davies LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1156373 2024-001 Material Weakness Yes N
1156374 2024-002 Material Weakness Yes C
1156375 2024-001 Material Weakness Yes N
1156376 2024-002 Material Weakness Yes C

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $977,831 Yes 2

Contacts

Name Title Type
MFB1GQCH7KK0 Trevor McClean Auditee
7189910999 Jennifer Galasso Auditor
No contacts on file

Notes to SEFA

The Entity has received a HUD capital advance under Section 202 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. The Entity received no additional loans or capital advances during the year. The balance of the capital advance outstanding at December 31, 2024 was $12,267,355.
The Schedule includes the federal award activity of the Entity under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Entity, 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 The Entity as mortgagor, in accordance with the regulatory agreement, is required to maintain a reserve for replacements. The required minimum monthly deposit into this account is $41,666. For the year ended December 31, 2023, deposits into the reserve for replacement account were short by $6,000. As of December 31, 2024 delinquent deposits of $6,000 remained outstanding. Condition The Entity did not fully deposit all required funds for the year ended December 31, 2023. Cause In 2022 the Entity made deposits in excess of the required amounts to the reserve for replacement. The total of the excess amount deposited was $6,000, which management believed could be attributed to the following year. Questioned Costs none noted. Context The total deposits to the account were below the required amount. Effect The Entity was not in compliance with the terms of the regulatory agreement. Recommendation We recommend that the Entity contact their HUD asset manager to discuss if the excess deposit from 2022 can be counted towards the deposit requirements for 2024.
Finding 2024-002
Criteria The Entity is a party to a section 8 rental subsidy contract which limits the rents to be charged on each unit in the property. This contract is periodically renewed, and maximum chargable rents are adjusted accordingly. Condition The Entity collected federal funds in excess of contracted amounts. Cause Management did not adjust its records for the decrease in the subsidy contracted amount and requisitioned subsidies in excess of the contract in place. Questioned Costs None noted. Context The total subsidy deposits were in excess of the contract in place. Effect The Entity received section 8 funding in excess of the current contract totaling approximately $500,000 during the year ended December 31, 2024. Recommendation We recommend that the Entity contact their HUD asset manager to discuss this error and how to resolve it as soon as possible.