Audit 370837

FY End

2024-09-30

Total Expended

$1.26M

Findings

2

Programs

2

Organization: Riordan School Addition Housing Development Fund Company, Inc. (NY)

Year: 2024 Accepted: 2025-10-15

Auditor: Dimarco Abiusi & Pascarella CPAS PC

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
1160424	2024-001	Material Weakness	Yes	L
1160425	2024-002	Material Weakness	Yes	L

ALN	Program	Spent	Major	Findings
14.157	Supportive Housing for the Elderly	$1.20M	Yes	2
14.195	Section 8 Housing Assistance Payments Program	$58,014	Yes	0

Contacts

Name	Title	Type
S1C6JQVBDXT4	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 Riordan School Addition Housing Development Fund Company, Inc., Project No. 014-EE234/NY06-S041-003, 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 Riordan School Addition Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Riordan School Addition Housing Development Fund Company, Inc.

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. Riordan School Addition 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 Riordan School Addition Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban Development direct capital advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Riordan School Addition Housing Development Fund Company, Inc. received no additional advances during the year. The balance of the capital advance outstanding at September 30, 2024 consists of the following: ALN: 14.157; Program Name: Supportive Housing for the Elderly Section 202 Capital Advance; Outstanding Balance at September 30, 2024: $1,203,277.

Finding Details

Finding 2024-001

Finding No. 2024-001: Current Year Reporting Package and Data Collection Not Filed Timely a. Riordan School Addition Housing Development Fund Company, Inc. September 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 September 30, 2025 and September 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 management not monitoring CPA firm to enter data in data collection form as agreed upon 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: Bessie Riordan Addition Apartments agrees with the finding and the auditor’s recommendations have been adopted.

Finding 2024-002

Finding No. 2024-002: Prior Year Reporting Package and Data Collection Not Filed Timely a. Riordan School Addition Housing Development Fund Company, Inc. September 30, 2023 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 September 30, 2024 and September 30, 2025. 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 39 days late due to management not monitoring CPA firm to enter data in data collection form as agreed upon resulting in a late filing. The form was submitted on August 8, 2024. 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: Bessie Riordan Addition Apartments agrees with the finding and the auditor’s recommendations have been adopted.