FAC Explorer

Audit 371782

FY End
2024-12-31
Total Expended
$12.76M
Findings
2
Programs
2
Organization: Victory One Housing Development Fund Corporation (NY)
Year: 2024 Accepted: 2025-11-04
Auditor: VARGAS & RIVERA LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1161899 2024-002 Material Weakness Yes L
1161900 2024-003 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $10.83M Yes 2
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $1.94M Yes 0

Contacts

Name Title Type
V9X8MGV43ZZ6 Malcolm A. Punter Auditee
2122814887 Luis Rivera Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal grant activity of Victory One Housing Development Fund Corporation 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 Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
On November 12, 1997, the Project entered into a Capital Advance/Building Loan Agreement under Section 202 of the National Housing Act of 1959 for the development of housing serving the elderly households. The advance to the Project was for $10,531,000. The advance need not be repaid so long as the housing remains available to elderly persons for at least 40 years.

Finding Details

Finding 2024-002
Supportive Housing for the Elderly (Section 202) Assistance Listing Number 14.157 and Project Based Rental Assistance (Section 8 Project-Based Cluster) Assistance Listing Number 14.195 Criteria: Reporting: The Data Collection Form is required to be submitted to the Federal Audit Clearinghouse within none months of year end. Condition: The Data Collection Form was not submitted to the Federal Audit Clearinghouse within the nine-month period for the year ended December 31, 2024. Cause: Due to delays of audit documentation from management, the audit was not able to be completed within the required time frame. Effect: The Project is not in compliance with the requirement to complete the filing required by the Uniform Guidance within nine months of its year end. Questioned Costs: None Repeat Finding: No Recommendation: The Data Collection form should be filed as soon as possible. Views of Responsible Officials and Planned Corrective Actions: The Organization agrees with the finding and will file the report.
Finding 2024-003
Supportive Housing for the Elderly (Section 202) Assistance Listing Number 14.157 and Project Based Rental Assistance (Section 8 Project-Based Cluster) Assistance Listing Number 14.195 Criteria: In accordance with HUD’s Uniform Financial Reporting Standards rule, annually, a PHA or owner is required to submit its financial statement, prepared in accordance with generally accepted accounting principles (GAAP), in the electronic format specified by HUD. The unaudited financial statement is due three months after the PHA’s or owner’s fiscal year-end and the audited financial statement is due nine months after its fiscal year-end. Condition: The financial statements were not submitted to HUD Real Estate Assesment Center (REAC) within the required periods for the year ended December 31, 2024. Cause: Due to delays of audit documentation from management, the audit was not able to be completed within the required time frame. Effect: The Project is not in compliance with the requirement to complete the filing required within the required time frame. Questioned Costs: None Repeat Finding: No Recommendation: The financial statements should be filed as soon as possible to the HUD REAC. Views of Responsible Officials and Planned Corrective Actions: The Organization agrees with the finding and will file the report.