FAC Explorer

Audit 400881

FY End
2025-06-30
Total Expended
$9.03M
Findings
2
Programs
1
Organization: Ellery Court Senior Housing Development Fund Corporation (NY)
Year: 2025 Accepted: 2026-05-07
Auditor: COHNREZNICK LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1214076 2025-001 Material Weakness Yes N
1214077 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $767,927 Yes 1

Contacts

Name Title Type
Y2NQHNSK2EL7 Sherly Demosthenes-Atkinson Auditee
7183880220 Jason C. Rocker, CPA Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Ellery Court Senior Housing Development Fund Corporation, HUD Project No. 012- EE-186, under programs of the federal government for the year ended June 30, 2025. 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 Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Ellery Court Senior Housing Development Fund Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ellery Court Senior Housing Development Fund Corporation. For the year ended June 30, 2025, no awards were passed through to subrecipients.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Ellery Court Senior Housing Development Fund Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Ellery Court Senior Housing Development Fund Corporation has received a U.S. Department of Housing and Urban Development direct loan under Section 202 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. Ellery Court Senior Housing Development Fund Corporation received no additional loans during the year. The balance of the loan outstanding at June 30, 2025 consists of:

Finding Details

Finding 2025-001
B. Financial Statement Findings None reported C. Federal Award Findings and Questioned Costs Finding No. 2025-001 – Eligibility – Material Weakness Name of Federal Agency: Department of Housing and Urban Development Federal Program Name: Supportive Housing for the Elderly (Section 202) Assistance Listing Number: 14.157 Federal Award Identification Number and Year: N/A Name of Pass-through Entity (if applicable): N/A Criteria Management is responsible for determining tenant eligibility and maintaining lease files in accordance with HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs. Condition In connection with our lease file review, we noted the following deficiencies: 1. 1 out of 1 new tenant tested existing tenant files did not have the Enterprise Income Verification (EIV) report in the tenant file. 2. 3 out of 9 existing tenants tested did not have the Enterprise Income Verification (EIV) report completed timely. Cause The project failed to follow the policies and procedures which have been established for proper tenant file maintenance and determining tenant eligibility in accordance with HUD guidelines. Effect or Potential Effect Noncompliance with HUD guidelines could result in units being rented to ineligible tenants or errors in the rent subsidies paid by HUD. Questioned Costs None noted Context During the year ended June 30, 2025, the project failed to follow the policies and procedures which have been established for proper tenant file maintenance and determining tenant eligibility in accordance with HUD guidelines. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should establish procedures and monitor compliance with those procedures to insure that tenant security deposits are correctly recorded, tenant eligibility is correctly determined and that tenant lease files are properly maintained in accordance with the requirements of HUD Handbook 4350.3, Occupancy Requirements of Subsidized Multifamily Housing Programs.