FAC Explorer

Audit 390609

FY End
2025-06-30
Total Expended
$1.75M
Findings
2
Programs
4
Organization: Sherrill-Kenwood Community Retirement Housing Corporation (NY)
Year: 2025 Accepted: 2026-03-06
Auditor: DIMARCO ABIUSI & PASCARELLA CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1176709 2025-001 Material Weakness Yes L
1176710 2025-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
10.415 RURAL RENTAL HOUSING LOANS $1.38M Yes 1
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $190,861 Yes 0
10.427 RURAL RENTAL ASSISTANCE PAYMENTS $89,180 Yes 0
10.437 INTEREST ASSISTANCE PROGRAM $87,535 Yes 0

Contacts

Name Title Type
HSVVG1LA96T9 Dawn Olmstead Auditee
3153371401 Maria Snyder Auditor
No contacts on file

Notes to SEFA

1. Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal award activity of Sherrill-Kenwood Community Retirement Housing Corporation (Noyes Manor Retirement Residence I and II) under programs of the federal government, 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 (CFR) Part 200, Uniform Adminitrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the Project's financial position, changes in net assets, or cash flows.
2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Noyes Manor Retirement Residence I and II has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
3. U.S. Department of Agriculture Rural Rental Housing Loans Noyes Manor Retirement Residence I and II each have a Farmers Home Administration insured Rural Rental Housing Loan under Section 521 of the Housing Act of 1949. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Noyes Manor Retirement Residence I and II received no additional loans during the year. The balance of the loans outstanding at June 30, 2025 consists of the following: (See Table)

Finding Details

Finding 2025-001
Finding No. 2025-001: Prior Year Reporting Package and Data Collection Not Filed Timely a. The Sherrill-Kenwood Community Retirement Housing Corporation June 30, 2024 reporting package and data collection form was not filed with the Federal Audit Clearinghouse on time. b. Criteria: 2 CFR section 200.512(a)(1) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 days after the reports are received from the auditors or nine months after the end of the audit period. c. Effect of condition: The effect is that the project would not be considered a "Low Risk Auditee" for at least the fiscal years ending June 30, 2025 and June 30, 2026. This designation will require the auditor to audit at least 40% of the project's programs as Major programs until such time that the project may be considered a “Low Risk Auditee” again. d. Cause of condition: The reporting package and data collection form was submitted to the Federal Audit Clearinghouse late. Management made multiple attempts to follow up with the prior CPA firm to ensure timely completion of an audit. Responses from CPA firm were significantly delayed, often requiring multiple follow-ups before action was taken. The form was submitted on April28, 2025, 28 days late. e. Recommendation: We recommend that management implement procedures to ensure that reporting packages and data collection forms are filed timely in the future. f. Views of responsible officials and planned corrective actions: Sherrill-Kenwood Community Retirement Housing Corporation agrees with the finding and the auditor’s recommendations have been adopted. Management has since engaged a new CPA firm to perform audit services.