FAC Explorer

Audit 371430

FY End
2024-06-30
Total Expended
$5.41M
Findings
6
Programs
2
Organization: Canandaigua Housing Development Fund CO Inc. (proj No. 014-E074) (NY)
Year: 2024 Accepted: 2025-10-29
Auditor: EFPR GROUP CPAS PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1161531 2024-001 Material Weakness Yes C
1161532 2024-002 Material Weakness Yes C
1161533 2024-004 Material Weakness Yes C
1161534 2024-001 Material Weakness Yes C
1161535 2024-002 Material Weakness Yes C
1161536 2024-004 Material Weakness Yes C

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $4.57M Yes 3
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $848,836 Yes 3

Contacts

Name Title Type
RPU8VUNHQ616 Tamara Dudley Auditee
5854672442 Christopher M. Johnston Auditor
No contacts on file

Notes to SEFA

MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS - 14.155 -Balances outstanding at the end of the audit period were 4395432.
The accompanying schedule of expenditures of federal awards presents the activity of federal award programs of Canandaigua Housing Development Fund Company, Inc., Mortgagor (Eighty Parrish Street Apartments), Project No. 014-11151. The schedule includes expenditures of federal programs received directly from federal agencies.
The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting and 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).

Finding Details

Finding 2024-001
It was observed during the audit that the Organization failed to make timely monthly deposits into the debt service savings reserve.
Finding 2024-002
It was observed during the audit that the Organization does not hold tenants’ security deposits in a separate savings account for a period during the year ended June 30, 2024.
Finding 2024-004
During the audit, we observed that the entity did not complete the fiscal year-end closing process within a reasonable timeframe after year-end. This delay resulted in late preparation of financial statements and supporting documentation, and contributed to the untimely submission of required reports to HUD. In addition, the annual required filing of the data collection form and reporting package to the Federal Audit Clearinghouse was submitted past the due date.