FAC Explorer

Audit 42575

FY End
2022-06-30
Total Expended
$9.08M
Findings
4
Programs
2
Organization: Ellery Court Senior Housing Development Fund Corporation (NY)
Year: 2022 Accepted: 2023-04-04
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
50898 2022-001 Significant Deficiency Yes N
50899 2022-001 Significant Deficiency Yes N
627340 2022-001 Significant Deficiency Yes N
627341 2022-001 Significant Deficiency Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly - Capital Advance $8.27M Yes 1
14.157 Supportive Housing for the Elderly - Project Rental Assistance $816,503 Yes 1

Contacts

Name Title Type
Y2NQHNSK2EL7 Adolfo G. Alayon Auditee
7183881601 Joseph Blatt Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Ellery Court Senior Housing Development Fund Corporation under programs of the federal government for the year ended June 30, 2022. 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 the Housing Company. There were no payments made to subrecipients for federal awards received during the year ended June 30, 2022. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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 Uniform Guidance. The federal loan programs listed subsequently are administered directly by Ellery Court Senior Housing Development Fund Corporation, and balances and transactions relating to these programs are included in Ellery Court Senior Housing Development Fund Corporations basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022 consists of $8,265,000 for Supportive Housing for the Elderly Program (CFDA Number 14.157).

Finding Details

Finding 2022-001
2022-001 Reserve for Replacement Information on the federal program ? U.S. Department of Housing and Urban Development, Federal Assistance Listing Number 14.157, Supportive Housing for the Elderly Criteria or specific requirement ? Special Tests and Provisions ?Replacement Reserves ? Per 24 CFR 891.405(b), the Housing Company is required to make timely monthly deposits into the reserve for replacement account. Condition ? In 2022, the Housing Company did not deposit monthly required deposits in a timely manner. Questioned Costs ? None. Context ? The Housing Company was delinquent in making 10 of their 12 deposits. Tested 100% of deposits. Effect ? The Housing Company was delinquent in making 10 of their 12 deposits. Cause ?The Housing Company did not have the available cash to fund the reserve. Identification as a Repeat Finding, if applicable ? This condition did exist in the prior year (2021-001). Recommendation ? We recommend that the Housing Company set up automated deposits to ensure timely deposits are made. View of Responsible Officials and Planned Corrective Action ? Please see the attached corrective action plan as submitted by management.
Finding 2022-001
2022-001 Reserve for Replacement Information on the federal program ? U.S. Department of Housing and Urban Development, Federal Assistance Listing Number 14.157, Supportive Housing for the Elderly Criteria or specific requirement ? Special Tests and Provisions ?Replacement Reserves ? Per 24 CFR 891.405(b), the Housing Company is required to make timely monthly deposits into the reserve for replacement account. Condition ? In 2022, the Housing Company did not deposit monthly required deposits in a timely manner. Questioned Costs ? None. Context ? The Housing Company was delinquent in making 10 of their 12 deposits. Tested 100% of deposits. Effect ? The Housing Company was delinquent in making 10 of their 12 deposits. Cause ?The Housing Company did not have the available cash to fund the reserve. Identification as a Repeat Finding, if applicable ? This condition did exist in the prior year (2021-001). Recommendation ? We recommend that the Housing Company set up automated deposits to ensure timely deposits are made. View of Responsible Officials and Planned Corrective Action ? Please see the attached corrective action plan as submitted by management.
Finding 2022-001
2022-001 Reserve for Replacement Information on the federal program ? U.S. Department of Housing and Urban Development, Federal Assistance Listing Number 14.157, Supportive Housing for the Elderly Criteria or specific requirement ? Special Tests and Provisions ?Replacement Reserves ? Per 24 CFR 891.405(b), the Housing Company is required to make timely monthly deposits into the reserve for replacement account. Condition ? In 2022, the Housing Company did not deposit monthly required deposits in a timely manner. Questioned Costs ? None. Context ? The Housing Company was delinquent in making 10 of their 12 deposits. Tested 100% of deposits. Effect ? The Housing Company was delinquent in making 10 of their 12 deposits. Cause ?The Housing Company did not have the available cash to fund the reserve. Identification as a Repeat Finding, if applicable ? This condition did exist in the prior year (2021-001). Recommendation ? We recommend that the Housing Company set up automated deposits to ensure timely deposits are made. View of Responsible Officials and Planned Corrective Action ? Please see the attached corrective action plan as submitted by management.
Finding 2022-001
2022-001 Reserve for Replacement Information on the federal program ? U.S. Department of Housing and Urban Development, Federal Assistance Listing Number 14.157, Supportive Housing for the Elderly Criteria or specific requirement ? Special Tests and Provisions ?Replacement Reserves ? Per 24 CFR 891.405(b), the Housing Company is required to make timely monthly deposits into the reserve for replacement account. Condition ? In 2022, the Housing Company did not deposit monthly required deposits in a timely manner. Questioned Costs ? None. Context ? The Housing Company was delinquent in making 10 of their 12 deposits. Tested 100% of deposits. Effect ? The Housing Company was delinquent in making 10 of their 12 deposits. Cause ?The Housing Company did not have the available cash to fund the reserve. Identification as a Repeat Finding, if applicable ? This condition did exist in the prior year (2021-001). Recommendation ? We recommend that the Housing Company set up automated deposits to ensure timely deposits are made. View of Responsible Officials and Planned Corrective Action ? Please see the attached corrective action plan as submitted by management.