FAC Explorer

Audit 400088

FY End
2025-12-31
Total Expended
$6.22M
Findings
2
Programs
1
Organization: Amethyst Housing Development Fund Company, Inc. (NY)
Year: 2025 Accepted: 2026-04-29
Auditor: WITHUMSMITH+BROWN PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1210796 2025-001 Material Weakness Yes N
1210797 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $5.35M Yes 1

Contacts

Name Title Type
TLYHQZTYSBJ8 Eileen M. Logan Auditee
9177964880 Joe Perez Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the "Schedule") presents the activities in all federal awards of all financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies or nonprofit organizations are included on the Schedule.
The Schedule is presented using the accrual basis of accounting. The amounts reported in the Schedule may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either cash or a modified cash basis of accounting.
Federal expenditures are reported on the statement of activities as operating costs before depreciation. The expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule due to program expenditures exceeding grant or contract budget limitations or agency matching or in-kind contributions which are not included as federal awards.
The accompanying Schedule includes the federal award activity of under programs of the federal government for the year ended December 31, 2025. 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 Administrative Requirements, only a selected portion of the operations of Amethyst Housing Development Fund Company, Inc., it is not intended and does not present the financial position, changes in net assets (deficit), or cash flows of Amethyst Housing Development Fund Company, Inc.
The Organization provided no federal awards to sub recipients for the year ended December 31, 2025.
The Organization does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis rate as covered in section 200.414 in the Uniform Guidance.
The Organization has received financing for the Project consisting of a capital advance in the amount of $5,349,000 from the United States Department of Housing and Urban Development ("HUD"). The advance is subject to HUD compliance requirements and will be forgiven in 2033 if all requirements are met.

Finding Details

Finding 2025-001
Finding 2025-001 Special Tests and Provisions - Project FundsFinding 2025-001 Special Tests and Provisions - Project Funds Information on the Federal Program: U.S. Department of Housing and Urban Development (HUD) - 14.157 Supportive Housing for the Elderly Finding Type: Other Matter; Criteria In accordance with 24 CFR 891.400(e), a separate interest-bearing project fund account shall be maintained in a depository or depositories which are members of the Federal Deposit Insurance Corporation or National Credit Union Share Insurance Fund and all tenant payments, charges, income and revenues arising from project operation or ownership shall be deposited to this account. Condition and Context: When performing our audit, we noted that the project fund account used by the Organization was not an interest-bearing account. Cause: Subsequent to the initial rental assistance contract, changes to HUD regulations resulted in the requirement that the project fund account be an interest-bearing account. This change was an oversight by the Organization's management. Effect or Potential Effect: Project funds would not earn interest in accordance with HUD requirements. Questioned Costs: None noted. Recommendation: We recommend that the Organization utilize an interest-bearing account for project funds in accordance with HUD requirements. Views of Responsible Official and Planned Corrective Action: Management concurs with the finding. Although the Organization does not currently use an interest-bearing account for project funds, due to the ongoing operation of the program and continuous activity within the project funds account, any interest earned in such an account would be negligible. Management is in the process of evaluating this recommendation to determine the appropriate course of action.