FAC Explorer

Audit 371523

FY End
2021-12-31
Total Expended
$1.15M
Findings
1
Programs
2
Organization: L.b.s.h. Housing Corporation (NY)
Year: 2021 Accepted: 2025-10-30
Auditor: PINTO MUCENSKI HOOPER VANHOUSE & CO CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1161633 2021-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
10.415 RURAL RENTAL HOUSING LOANS $911,125 Yes 1
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $238,619 Yes 0

Contacts

Name Title Type
VK7AHFJSKMJ7 Nathaniel Lagarry Auditee
3156003350 Edward Mucenski Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of L.B.S.H. Housing Corporation for the year ended December 31, 2021. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
L.B.S.H. Housing Corporation has determined that its federal programs with expenditures greater than $ 750,000 are Type A programs and are deemed major programs.
The outstanding balance of loan and loan guarantee programs at December 31, 2021 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $ 701,697.
The $ 238,619 amount of Housing Assistance Payments represents the amount of qualified program assistance payments received in the year ended December 31, 2021.
No amounts were provided to sub-recipients.

Finding Details

Finding 2021-001
The Corporation’s Single Audit financial reporting package and Data Collection Form (SF-SAC) for 2020 was not filed by the required due date. The audit package and data collection form shall be submitted the earlier of thirty days after receipt of the auditor’s report, or nine months after the end of the fiscal year. The Corporation did not meet the timely submission requirement and cannot be considered a low-risk auditee in the next single audit reporting period. Corporation management relies on the assistance of the independent auditor for preparation of the data collection form and submission to the Federal Audit Clearinghouse. The process failed to prepare and submit the required forms prior to the reporting deadline.