Audit 371487

FY End

2023-09-30

Total Expended

$7.49M

Findings

1

Programs

1

Organization: Lucille Clark Housing Development Corporation (NY)

Year: 2023 Accepted: 2025-10-30

Auditor: COHNREZNICK LLP

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
1161625	2023-001	Material Weakness	Yes	N

ALN	Program	Spent	Major	Findings
14.157	SUPPORTIVE HOUSING FOR THE ELDERLY	$7.49M	Yes	1

Contacts

Name	Title	Type
D7MYJHHZ18F6	Christopher Cirillo	Auditee
2124103153	Jason Rocker	Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal award activity of Lucille C. Clark Housing Development Fund Corporation, HUD Project No.: 012-EE167, under programs of the federal government for the year ended September 30, 2023. 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, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Lucille C. Clark Housing Development Fund Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lucille C. Clark Housing Development Fund Corporation.

Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" and the cost principles contained in the Uniform Guidance.

Lucille C. Clark Housing Development Fund Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.

Lucille C. Clark Housing Development Fund Corporation has received a U.S. Department of Housing and Urban Development direct loan 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. Lucille C. Clark Housing Development Fund Corporation received no additional loans during the year. The balance of the loan outstanding at September 30, 2023 consists of: Outstanding balance Assitance Listing Number Program Name Supportive Housing for the at September 30, 2023 14.157 Elderly Direct Loan $ 6,747,100

Finding Details

Finding 2023-001

Federal Award Findings and Questioned Costs U.S. Department of Housing and Urban Development Finding No. 2023-001- Supportive Housing for the Elderly, Assistance Listing 14.157 Criteria HUD projects are required to establish and maintain at all times a fully funded separate bank account for tenant security deposits collected. Condition As of September 30, 2023, management has not fully funded the tenant security deposits cash account. The tenant security deposits cash account was underfunded by $1,712. Cause Delays with opening segregated accounts with bank. Effect or Potential Effect Management commingled tenant security deposits with its operating cash and did not have sufficient cash balance in the tenant security deposits cash account to cover the tenant security deposits liability as of September 30, 2023. Questioned Costs $1,712. Context In accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs, HUD projects are required to establish and maintain at all times a fully funded separate bank account for tenant security deposits collected. Identification as a Repeat Finding No Recommendation Management should transfer $1,712 from the operating account in order to fully fund the tenant security deposits account. Auditor Noncompliance Code N - Special Tests and Provisions D - Commingling of funds Finding Resolution Status: In process Reporting Views of Responsible Officials The Corporation agrees with the finding and the auditor's recommendations have been adopted.