FAC Explorer

Audit 390205

FY End
2023-09-30
Total Expended
$5.54M
Findings
2
Programs
2
Organization: Milltwee Housing Development Fund Co, Inc. (NY)
Year: 2023 Accepted: 2026-03-04
Auditor: VARGAS & RIVERA LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1176387 2023-001 Material Weakness Yes L
1176388 2023-002 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $4.76M Yes 1
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $781,263 Yes 1

Contacts

Name Title Type
HAYQHLNZXD38 Chester Dawes Auditee
7188227377 Luis Rivera Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal grant activity of Milltwee Senior Houses Housing Development Fund Corporation, Inc. 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 Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requiremnets 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.
Milltwee HDFC had a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Milltwee HDFC received no additional loans during the year. The balance of the loan outstanding at September 30, 2023 is $4,644,170.

Finding Details

Finding 2023-001
Mortgage Insurance for the Purchaser or Refinancing of Existing Multifamily Housing Projects, CFDA 14.155 and Section 8 Housing Assistance Program Payments, CFDA 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 September 30, 2023. 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. Repeat Finding: 2022-001 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 2023-002
Mortgage Insurance for the Purchaser or Refinancing of Existing Multifamily Housing Projects, CFDA 14.155 and Section 8 Housing Assistance Program Payments, CFDA 14.195 Criteria: Reporting: Within nine months following the end of each fiscal year the project owners must submit to HUD financial information derived from the audited financial statements electronically to HUD via the Real Estate Assessment Center (REAC). Condition: The financial information was not submitted to HUD within the nine months following the end of fiscal year. 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 nine months after fiscal year end. Repeat Finding: 2022-002 Recommendation: We recommend the electronic submission to REAC 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.