FAC Explorer

Audit 48840

FY End
2022-12-31
Total Expended
$8.43M
Findings
2
Programs
3
Organization: St. Vincent's Hdfc, Inc. (NY)
Year: 2022 Accepted: 2023-04-05
Auditor: Prager Metis CPAS LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
44376 2022-001 - - P
620818 2022-001 - - P

Programs

ALN Program Spent Major Findings
14.157 Section 202 Capital Advances $7.54M Yes 1
14.157 Project Rental Assistance Payments $894,786 Yes 0
14.157 Covid-19 Supplemental Payment $508 Yes 0

Contacts

Name Title Type
NWYDYKPNGNB4 Matthew Janeczko Auditee
7184776803 Satang Janneh Auditor
No contacts on file

Notes to SEFA

Title: Capital Advance Program Accounting Policies: The accompanying schedule of expenditures of federal awards (the 'Schedule') includes the federal awards activity of St. Vincent's Housing Development Fund Company, Inc. (the 'Project') under programs of the federal government for the year ended December 31, 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 the Project, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Project. De Minimis Rate Used: N Rate Explanation: 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. The Project has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Project 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 at the beginning of the year is included in the total federal expenditures presented in the Schedule. The outstanding capital advance balance as of December 31, 2022 was $7,535,300.

Finding Details

Finding 2022-001
Finding 2022-001 Criteria: In accordance with their Regulatory Agreement with HUD, the Project must receive a physical inspection score of 60 or above to be in compliance with the agreement. Condition: The Project received a score below 60 on their annual physical inspection of the property. Cause: On December 15, 2022, HUD performed a physical inspection of the property in which they received a score of 51c. This score indicates that there are deficiencies in the maintenance of the Project. Effect or Potential Effect: The Project may not be in compliance with its Regulatory Agreement if a corrective action plan is not implemented. Recommendations: Management should have a corrective action plan to address all deficiencies identified in the physical inspection report. Views of Responsible Officials: Management disagreed with the inspection findings and filed an appeal. On March 16, 2023, the Project received a revised inspection score of 54. Management intends to remedy all deficiencies identified in the revised report.
Finding 2022-001
Finding 2022-001 Criteria: In accordance with their Regulatory Agreement with HUD, the Project must receive a physical inspection score of 60 or above to be in compliance with the agreement. Condition: The Project received a score below 60 on their annual physical inspection of the property. Cause: On December 15, 2022, HUD performed a physical inspection of the property in which they received a score of 51c. This score indicates that there are deficiencies in the maintenance of the Project. Effect or Potential Effect: The Project may not be in compliance with its Regulatory Agreement if a corrective action plan is not implemented. Recommendations: Management should have a corrective action plan to address all deficiencies identified in the physical inspection report. Views of Responsible Officials: Management disagreed with the inspection findings and filed an appeal. On March 16, 2023, the Project received a revised inspection score of 54. Management intends to remedy all deficiencies identified in the revised report.