FAC Explorer

Audit 371524

FY End
2020-12-31
Total Expended
$1.23M
Findings
3
Programs
2
Organization: L.b.s.h. Housing Corporation (NY)
Year: 2020 Accepted: 2025-10-30
Auditor: PINTO MUCENSKI HOOPER VANHOUSE & CO CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1161634 2020-001 Material Weakness Yes J
1161635 2020-002 Material Weakness Yes L
1161636 2020-003 Material Weakness Yes J

Programs

ALN Program Spent Major Findings
10.415 RURAL RENTAL HOUSING LOANS $1.01M Yes 3
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $221,155 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, 2020. 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, 2020 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $ 813,374.
The $ 221,155 amount of Housing Assistance Payments represents the amount of qualified program assistance payments received in the year ended December 31, 2020.

Finding Details

Finding 2020-001
LBSH management does not review tenant income worksheets prepared by its consultants before being submitted to New York State Housing Trust Fund or the U.S. Department of Housing and Urban Development. Controls should be in place to provide reasonable assurance that tenants are paying the proper rent and the Corporation is receiving the proper subsidy. There are no procedures in place to catch incorrect reporting on income worksheet in a timely manner.
Finding 2020-002
The Corporation's Single Audit financial reporting package and Data Collection Form (SF-SAC) for 2019 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.
Finding 2020-003
Significant Deficiency: As discussed at Finding 2020-001, review of tenant income worksheet is not required before being submitted to New York State Housing Trust Fund or U.S. Department of Housing ad Urban Development. Incorrect income entered and submitted on income worksheet will result in an incorrect calculation of tenant portion of rent owed to the Corporation and subsidy to be received, which can result in payback of improper subsidy amount received and loss of revenue. Finance personnel not involved in income certification should review income worksheet for accuracy before being submitted.