FAC Explorer

Audit 54041

FY End
2022-06-30
Total Expended
$1.74M
Findings
6
Programs
2
Organization: Harbor View Housing Development Fund Co., Inc. (NY)
Year: 2022 Accepted: 2023-03-12
Auditor: Stackel + Navarra CPA PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
57941 2022-001 - - N
57942 2022-001 - - N
57943 2022-001 - - N
634383 2022-001 - - N
634384 2022-001 - - N
634385 2022-001 - - N

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $103,115 Yes 1
14.157 Covid-19 Supportive Housing for the Elderly $1,787 Yes 1

Contacts

Name Title Type
RUMQNJYB2KE5 Kyle Lyskawa Auditee
3154241821 Robert Stackel Auditor
No contacts on file

Notes to SEFA

Title: U.S. Department of Housing and Urban Development Capital Advance Program Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Harbor View Housing Development Fund Co., Inc. (Henderson School Apartments), and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Harbor View Housing Development Fund Co., Inc. has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. Harbor View Housing Development Fund Co., Inc. 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 end of the year is included in the federal expenditures presented in the schedule Harbor View Housing Development Fund Co., Inc. received no additional loans during the year.

Finding Details

Finding 2022-001
Condition: Reserve for Replacement deposits were not made according to the HUD Regulatory Agreement. Criteria: The HUD regulatory agreement requires monthly deposits of $1,721 to be made into the reserve account. Effect: The reserve for replacements account is underfunded by $12,047. Cause: The Project is experiencing severe vacancies; therefore, cash flow is not sufficient to make the deposits. Recommendation: Consider obtaining additional federal or state funding to aid in cash flow issues as well as monitor operating expenses. Also, increase advertising for the Project. Views of Responsible Officials and Planned Corrective Action: Harbor View Housing Development Fund Co., Inc. agrees with the finding and the auditors' recommendations. The Project will implement the recommendations. As of January 4, 2023 the Project had made all of the required deposits.
Finding 2022-001
Condition: Reserve for Replacement deposits were not made according to the HUD Regulatory Agreement. Criteria: The HUD regulatory agreement requires monthly deposits of $1,721 to be made into the reserve account. Effect: The reserve for replacements account is underfunded by $12,047. Cause: The Project is experiencing severe vacancies; therefore, cash flow is not sufficient to make the deposits. Recommendation: Consider obtaining additional federal or state funding to aid in cash flow issues as well as monitor operating expenses. Also, increase advertising for the Project. Views of Responsible Officials and Planned Corrective Action: Harbor View Housing Development Fund Co., Inc. agrees with the finding and the auditors' recommendations. The Project will implement the recommendations. As of January 4, 2023 the Project had made all of the required deposits.
Finding 2022-001
Condition: Reserve for Replacement deposits were not made according to the HUD Regulatory Agreement. Criteria: The HUD regulatory agreement requires monthly deposits of $1,721 to be made into the reserve account. Effect: The reserve for replacements account is underfunded by $12,047. Cause: The Project is experiencing severe vacancies; therefore, cash flow is not sufficient to make the deposits. Recommendation: Consider obtaining additional federal or state funding to aid in cash flow issues as well as monitor operating expenses. Also, increase advertising for the Project. Views of Responsible Officials and Planned Corrective Action: Harbor View Housing Development Fund Co., Inc. agrees with the finding and the auditors' recommendations. The Project will implement the recommendations. As of January 4, 2023 the Project had made all of the required deposits.
Finding 2022-001
Condition: Reserve for Replacement deposits were not made according to the HUD Regulatory Agreement. Criteria: The HUD regulatory agreement requires monthly deposits of $1,721 to be made into the reserve account. Effect: The reserve for replacements account is underfunded by $12,047. Cause: The Project is experiencing severe vacancies; therefore, cash flow is not sufficient to make the deposits. Recommendation: Consider obtaining additional federal or state funding to aid in cash flow issues as well as monitor operating expenses. Also, increase advertising for the Project. Views of Responsible Officials and Planned Corrective Action: Harbor View Housing Development Fund Co., Inc. agrees with the finding and the auditors' recommendations. The Project will implement the recommendations. As of January 4, 2023 the Project had made all of the required deposits.
Finding 2022-001
Condition: Reserve for Replacement deposits were not made according to the HUD Regulatory Agreement. Criteria: The HUD regulatory agreement requires monthly deposits of $1,721 to be made into the reserve account. Effect: The reserve for replacements account is underfunded by $12,047. Cause: The Project is experiencing severe vacancies; therefore, cash flow is not sufficient to make the deposits. Recommendation: Consider obtaining additional federal or state funding to aid in cash flow issues as well as monitor operating expenses. Also, increase advertising for the Project. Views of Responsible Officials and Planned Corrective Action: Harbor View Housing Development Fund Co., Inc. agrees with the finding and the auditors' recommendations. The Project will implement the recommendations. As of January 4, 2023 the Project had made all of the required deposits.
Finding 2022-001
Condition: Reserve for Replacement deposits were not made according to the HUD Regulatory Agreement. Criteria: The HUD regulatory agreement requires monthly deposits of $1,721 to be made into the reserve account. Effect: The reserve for replacements account is underfunded by $12,047. Cause: The Project is experiencing severe vacancies; therefore, cash flow is not sufficient to make the deposits. Recommendation: Consider obtaining additional federal or state funding to aid in cash flow issues as well as monitor operating expenses. Also, increase advertising for the Project. Views of Responsible Officials and Planned Corrective Action: Harbor View Housing Development Fund Co., Inc. agrees with the finding and the auditors' recommendations. The Project will implement the recommendations. As of January 4, 2023 the Project had made all of the required deposits.