FAC Explorer

Audit 5276

FY End
2023-03-31
Total Expended
$3.87M
Findings
2
Programs
1
Organization: Loretto O'Brien Road Housing Development Fund Company, Inc. (NY)
Year: 2023 Accepted: 2023-12-05
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
3380 2023-001 - Yes N
579822 2023-001 - Yes N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly (section 202) $3.87M Yes 1

Contacts

Name Title Type
TH8GVFQE7FY1 Kyle Lyskawa Auditee
3154241821 Bettina Lipphardt Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: Basis of Presentation 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. Capital Advance The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at March 31, 2023 was $3,785,187. Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. 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.
Title: Capital Advance Accounting Policies: Basis of Presentation 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. Capital Advance The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at March 31, 2023 was $3,785,187. Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at March 31, 2023 was $3,785,187.
Title: Indirect Cost Accounting Policies: Basis of Presentation 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. Capital Advance The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at March 31, 2023 was $3,785,187. Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
Finding 2023-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, O’Brien Road Senior Apartments is required to make monthly deposits of $1,400 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,400 (one month’s payment) as of March 31, 2023. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O’Brien Road Senior Apartments lacked adequate cash flow in 2023 to make all required deposits as the HUD tenant assistance payments were delayed with the renewal of the Project Rental Assistance Contract. Effect: O’Brien Road Senior Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that O’Brien Road Senior Apartments make the remaining $1,400 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: O’Brien Road Senior Apartments agrees with the finding and the required payment was made in April 2023.
Finding 2023-001
Finding 2023-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, O’Brien Road Senior Apartments is required to make monthly deposits of $1,400 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,400 (one month’s payment) as of March 31, 2023. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O’Brien Road Senior Apartments lacked adequate cash flow in 2023 to make all required deposits as the HUD tenant assistance payments were delayed with the renewal of the Project Rental Assistance Contract. Effect: O’Brien Road Senior Apartments was not in compliance with the regulatory agreement. Recommendation: We recommend that O’Brien Road Senior Apartments make the remaining $1,400 deposit into the reserve for replacements when cash flow is sufficient. Views of management and planned corrective action: O’Brien Road Senior Apartments agrees with the finding and the required payment was made in April 2023.