FAC Explorer

Audit 410492

FY End
2026-03-31
Total Expended
$3.89M
Findings
2
Programs
1
Organization: Loretto O'Brien Road Housing Development Fund Company, Inc. (NY)
Year: 2026 Accepted: 2026-09-08
Auditor: BONADIO & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1229015 2026-001 Material Weakness Yes N
1229016 2026-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $105,877 Yes 1

Contacts

Name Title Type
TH8GVFQE7FY1 John Lutz Auditee
3154241821 Bettina Lipphardt Auditor
No contacts on file

Notes to SEFA

This schedule of expenditures of federal awards includes the federal grant activity of Loretto O’Brien Road Housing Development Fund Company, Inc. (O’Brien Road Senior Apartments), HUD Project No. 014-EE262/NY06-S061-007 (the Corporation) 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.
The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at March 31, 2025 was $3,785,187.
The Corporation has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance

Finding Details

Finding 2026-001
Finding 2026-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: O’Brien Road Senior Apartments is required to make monthly deposits into the reserve for replacements account in accordance with the project’s regulatory agreement with HUD. Condition: During our review of the reserve for replacements activity in 2026, we noted that the property did not make the March payment until April 10, 2026. Questioned Costs: There are no questioned costs, this finding relates to timing of payments. Context: There are 12 required payments during the year with all payments being tested. Cause: Management indicated that the deposit was not made as there was insufficient operating cash available during the month the deposit was due. Effect: O’Brien Road Senior Apartments is out of compliance with their regulatory agreement with HUD.