FAC Explorer

Audit 380606

FY End
2024-12-31
Total Expended
$19.89M
Findings
4
Programs
2
Organization: St. Thomas Eiscopal Senior Citizens Housing Development Fund Corporati (NY)
Year: 2024 Accepted: 2026-01-09
Auditor: PKF O'CONNOR DAVIES LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1168648 2024-001 Material Weakness Yes L
1168649 2024-002 Material Weakness Yes L
1168650 2024-001 Material Weakness Yes L
1168651 2024-002 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $17.25M Yes 2
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $2.64M Yes 2

Contacts

Name Title Type
RBH9FHLZ1LK8 Noehlia Mercado Auditee
2127657900 Jennifer Galasso Auditor
No contacts on file

Notes to SEFA

The Company received a mortgage insured under Section 223(f) of the National Housing Act that has a balance outstanding at December 31, 2024. The mortgage balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Company received no additional loans during the year. The balance of the mortgage outstanding at December 31, 2024 is $17,038,569.
The Schedule includes the federal award activity of the Company, under programs of the Federal Government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Company.

Finding Details

Finding 2024-001
Criteria: The Company’s Uniform Guidance submission to the Federal Audit Clearinghouse (“FAC”) was due within nine months of its year end. Condition: The Company’s Uniform Guidance submission to the FAC was not filed on time within nine months of the end of its fiscal year. Cause: The Company had a mortgage refinance and major construction projects done that initiated in the prior year that carried over into the current fiscal year that caused delays in reconciling the accounting records. Context: When performing our audit we noted that the Uniform Guidance submission to the FAC was not filed on a timely basis. Effect: The Company was not in compliance with the requirement to complete the filing required by the Uniform Guidance within nine months of its year end, and therefore, the Company cannot be considered a low risk auditee next year. Recommendation: We recommend the Entity’s Uniform Guidance submission to the FAC be filed on time within nine months of the end of its fiscal year, as required. Views of the Responsible Official: See attached Corrective Action Plan
Finding 2024-002
Criteria: HUD requires that any company required to have an audit under its requirements is also required to submit its financial information electronic submission to REAC within nine months of its year end. Condition: The Company’s electronic submission to REAC was not filed within nine months from the end of Its fiscal year. Cause: Delays in completion of audit procedures resulted in the audit report not being issued on a timely basis. Therefore, the Company’s 2024 REAC electronic submission was not completed within the nine months of the end of its fiscal year end. Questioned Costs: None noted. Context: When performing our audit we noted that the electronic submission of financial information to REAC was not filed on a timely basis. Effect: The Company was not in compliance with the requirement to complete the filing of the Company’s electronic submission to REAC within nine months of its year end. Recommendation: We recommend that the Company’s electronic submission to REAC be filed within nine months of its year end as required.