FAC Explorer

Audit 45906

FY End
2022-07-31
Total Expended
$3.26M
Findings
2
Programs
2
Organization: St. Simeon II Housing Development Fund Company, Inc. (NY)
Year: 2022 Accepted: 2023-06-01
Auditor: Comer Nowling and Associates PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
47388 2022-001 - - P
623830 2022-001 - - P

Programs

ALN Program Spent Major Findings
14.134 Mortgage Insurance_rental Housing $2.62M Yes 1
14.195 Section 8 Housing Assistance Payments Program $638,523 - 0

Contacts

Name Title Type
GW62LNYLLUH7 Jennifer McEvoy-Riley Auditee
2039259600 Gregory Nowling Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on theaccrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certaintypes of expenditures are not allowable or are limited to reimbursement. Pass-throughidentifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balances outstanding at the end of the audit period were 2619838.

Finding Details

Finding 2022-001
S3800-010 Finding Reference Number ? 2022-001 S3800-011 Title and CFDA Number of Federal Program ? Section 223(f) HUD Insured Loan 14.134 S3800-015 Type of Finding ? Federal Award Finding S3800-016 Finding Resolution Status - Resolved S3800-017 Information on Universe Population Size- N/A S3800-018 Sample Size Information ? N/A S3800-019 Identification of Repeat Finding and Finding Reference Number ? N/A S3800-020 Criteria ? In accordance with the Regulatory Agreement between the Organization and HUD, the Organization is required to file the audited financial statements to the REAC system within 90-days after year-end. S3800-030 Statement of Condition ? The Organization?s audited financial statements for the fiscal year-ended July 31, 2022, were not filed into the REAC system within 90-days after yearend. S3800-032 Cause ? Unknown. S3800-033 Effect or Potential Effect ? The Organization is in violation of its HUD Regulatory Agreement. S3800-035 Auditor Non-Compliance Code - Z S3800-040 Questioned Costs ? $0 S3800-045 Reporting Views of Responsible Officials ? Management will insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-050 Context ? The Organization?s audited financial statements for the fiscal year-ended July 31, 2022, were not filed into the REAC system within 90-days after year-end. S3800-080 Recommendation ? Management should insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Finding and Recommendations ? Management should insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-130 Response Indicator ? Agree S3800-140 Completion Date ? April 11, 2023 S3800-150 Response ? Management will insure the audited financial statements are filed into the REAC system within 90-days after year-end.
Finding 2022-001
S3800-010 Finding Reference Number ? 2022-001 S3800-011 Title and CFDA Number of Federal Program ? Section 223(f) HUD Insured Loan 14.134 S3800-015 Type of Finding ? Federal Award Finding S3800-016 Finding Resolution Status - Resolved S3800-017 Information on Universe Population Size- N/A S3800-018 Sample Size Information ? N/A S3800-019 Identification of Repeat Finding and Finding Reference Number ? N/A S3800-020 Criteria ? In accordance with the Regulatory Agreement between the Organization and HUD, the Organization is required to file the audited financial statements to the REAC system within 90-days after year-end. S3800-030 Statement of Condition ? The Organization?s audited financial statements for the fiscal year-ended July 31, 2022, were not filed into the REAC system within 90-days after yearend. S3800-032 Cause ? Unknown. S3800-033 Effect or Potential Effect ? The Organization is in violation of its HUD Regulatory Agreement. S3800-035 Auditor Non-Compliance Code - Z S3800-040 Questioned Costs ? $0 S3800-045 Reporting Views of Responsible Officials ? Management will insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-050 Context ? The Organization?s audited financial statements for the fiscal year-ended July 31, 2022, were not filed into the REAC system within 90-days after year-end. S3800-080 Recommendation ? Management should insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Finding and Recommendations ? Management should insure the audited financial statements are filed into the REAC system within 90-days after year-end. S3800-130 Response Indicator ? Agree S3800-140 Completion Date ? April 11, 2023 S3800-150 Response ? Management will insure the audited financial statements are filed into the REAC system within 90-days after year-end.