FAC Explorer

Audit 6360

FY End
2022-12-31
Total Expended
$1.03M
Findings
2
Programs
2
Organization: L.b.s.h. Housing Corporation (NY)
Year: 2022 Accepted: 2023-12-13
Auditor: Pinto Mucenski Hooper Vanhouse & CO CPAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
4041 2022-001 Significant Deficiency Yes L
580483 2022-001 Significant Deficiency Yes L

Programs

ALN Program Spent Major Findings
10.415 Rural Rental Housing Loans $799,300 Yes 1
14.195 Section 8 Housing Assistance Payments Program $230,431 - 0

Contacts

Name Title Type
VK7AHFJSKMJ7 Nathaniel Lagarry Auditee
3153894689 Sarah Whitcombe Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of L.B.S.H. Housing Corporation for the year ended December 31, 2022. 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 (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: Major Program Determination Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. L.B.S.H. Housing Corporation has determined that its federal programs with expenditures greater than $ 750,000 are Type A programs and are deemed major programs.
Title: Rural Rental Housing Loan Program Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The outstanding balance of loan and loan guarantee programs at December 31, 2022 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $ 579,882.
Title: Section 8 Housing Assistance Payments Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The $ 230,431 amount of Housing Assistance Payments represents the amount of qualified program assistance payments received in the year ended December 31, 2022.
Title: Sub-Recipients Accounting Policies: 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. De Minimis Rate Used: N Rate Explanation: elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. No amounts were provided to sub-recipients.

Finding Details

Finding 2022-001
Statement of Condition The Corporation’s Single Audit financial reporting package and Data Collection Form (SF-SAC) for 2021 was not filed by the required due date. Criteria The audit package and data collection form shall be submitted the earlier of thirty days after receipt of the auditor’s report, or nine months after the end of the fiscal year. Effect of Condition The Corporation did not meet the timely submission requirement and cannot be considered a low-risk auditee in the next single audit reporting period. Cause of Condition Corporation management relies on the assistance of the independent auditor for preparation of the data collection form and submission to the Federal Audit Clearinghouse. The process failed to prepare and submit the required forms prior to the reporting deadline. Recommendation We recommend that management work with their independent auditor to ensure that a proper data collection form be submitted on a timely basis for the current year. View of Responsible Officials and Planned Corrective Action Management will work with their independent auditor to ensure that a proper data collection form will be submitted on a timely basis for the 2022 audit.
Finding 2022-001
Statement of Condition The Corporation’s Single Audit financial reporting package and Data Collection Form (SF-SAC) for 2021 was not filed by the required due date. Criteria The audit package and data collection form shall be submitted the earlier of thirty days after receipt of the auditor’s report, or nine months after the end of the fiscal year. Effect of Condition The Corporation did not meet the timely submission requirement and cannot be considered a low-risk auditee in the next single audit reporting period. Cause of Condition Corporation management relies on the assistance of the independent auditor for preparation of the data collection form and submission to the Federal Audit Clearinghouse. The process failed to prepare and submit the required forms prior to the reporting deadline. Recommendation We recommend that management work with their independent auditor to ensure that a proper data collection form be submitted on a timely basis for the current year. View of Responsible Officials and Planned Corrective Action Management will work with their independent auditor to ensure that a proper data collection form will be submitted on a timely basis for the 2022 audit.