FAC Explorer

Audit 374022

FY End
2024-03-31
Total Expended
$2.07M
Findings
2
Programs
1
Organization: East River Road Housing Development Fund Company,inc. (NY)
Year: 2024 Accepted: 2025-12-11
Auditor: BONADIO & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1164476 2024-002 Material Weakness Yes P
1164477 2024-002 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $44,593 Yes 1

Contacts

Name Title Type
RJVRZLH4YXA1 Seanelle Hawkins Auditee
5853266530 Micheal Vollmer Auditor
No contacts on file

Notes to SEFA

The Corporation has received Section 202 capital advances from the U.S. Department of Housing and Urban Development’s Supportive Housing for the Elderly program (Assistance Listing No. 14.157). Under the terms of the capital advance agreement, the Corporation must continue to operate the project for the specified purpose for a period of 40 years. Failure to operate the project in accordance with the capital advance agreement would result in the Corporation being required to repay HUD the entire capital advance, plus interest, since the date of the first advance.

Finding Details

Finding 2024-002
Finding 2024-002 Program U.S. Department of Housing and Urban Development (HUD) – Supportive Housing for the Elderly (Section 202) and Project Rental Assistance, Assistance Listing No. 14.157. This finding was partially reported as finding 2023-001 in the prior year. Condition/Context A haphazard sample of two tenant files out of twenty (not a statistically valid sample) were selected for testing and for both Form HUD-50059, Owner’s Certification of Compliance with HUD’s Tenant Eligibility and Rent Procedures was provided, however, there were no signatures present, as required by HUD regulations. Additionally, our testing indicated that the required deposits to the replacement reserve account had not been made for the last quarter of the Corporation’s fiscal year for any tenants.