FAC Explorer

Audit 401422

FY End
2025-12-31
Total Expended
$13.45M
Findings
1
Programs
1
Organization: Soundview Senior Hdfc (NY)
Year: 2025 Accepted: 2026-05-14
Auditor: CARTER & COMPANY CPA LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1214689 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $1.18M Yes 0

Contacts

Name Title Type
MFB1GQCH7KK0 Laura Nolan Auditee
2127657900 David Bell Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal award activity of Soundview Seniors Housing Development Fund Company, 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 Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Soundview Seniors Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Soundview Seniors Housing Development Fund Company, Inc.
Soundview Seniors Housing Development Fund Company, Inc. has received a U.S. Department of Housing and Urban Development Capital Advance under Section 202 of the National Housing Act. The Capital Advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Soundview Seniors Housing Development Fund Company, Inc. received no additional Capital Advances during the year. The balance of the Capital Advance outstanding at December 31, 2025 consists of: Federal Assistance Listing Number - 14.157; Program Name - Supportive Housing for the Elderly; Outstanding Balance at December 31 2025 - $12267355

Finding Details

Finding 2025-001
S2700-005 - Finding Reference Number - 2025-001; S2700-006 - Finding Resolution Status - Unresolved; S2700-007 - Information on Universal Population Size - N/A; S2700-008 - Sample Size Information - N/A; S2700-009 - Noncompliance Information - N/A; S2700-010 - Statement of Condition - At December 31, 2025 the Corporation did not fully deposit all required funds to the replacement reserve; S2700-020 - Criteria - The Corporation, in accordance with the regulatory agreement, is required to maintain a reserve for replacements. The required minimum monthly deposit is $6,000. At December 31, 2025 the required deposit for December was not made; S2700-030 - Effect or Potential Effect - The Corporation is not in compliance with the terms of the regulatory agreement. Failure to fully fund the replacement reserve may negatively impact the project's ability to complete future repairs; S2700-040 - Cause - The Corporation did not make the December 2025 reserve deposit until January 2026; S2700-050 - Recommendation - The Corporation should make all monthly deposits to the replacement reserve as required; S2700-055 - Auditor Non-Compliance Code - N; S2700-065 - Amount of Questioned Costs - $0; S2700-100 - Reporting Views of Responsible Officials - We will ensure that monthly RR contributions are made timely; S2700-070 - Concur or Do Not Concur with this Finding - Concurs; S2700-075 - Agree or Disagree with auditor recommendations - Agrees; S2700-080 - Completion Dat or Proposed Completion Date - December 31 2026; S2700-090 - Actions Taken or Planned on the Finding - We will ensure that monthly RR contributions are made timely