FAC Explorer

Audit 8487

FY End
2023-06-30
Total Expended
$2.17M
Findings
2
Programs
1
Organization: 118 East 111th Street Corporation (NY)
Year: 2023 Accepted: 2023-12-27
Auditor: Pkf O'Connor Davies LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
6532 2023-001 - Yes N
582974 2023-001 - Yes N

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $371,636 Yes 0

Contacts

Name Title Type
NHQ8LWWG9RK6 Ezra Miller Auditee
2126633000 Stewart Grubman Auditor
No contacts on file

Notes to SEFA

Title: Summary of Significant Accounting Policies Accounting Policies: NHQ8LWWG9RK6 De Minimis Rate Used: N Rate Explanation: The Entity is reimbursed for programmatic and administrative costs in accordance with rules set forth by Regulator Expenditures reported on the schedule of expenditures of federal awards the Schedule are reported on the accrual basis of accounting Such expenditures are recognized following the Cost principles contained in the Title 2 US Code of Federal Regulations Part 200, Uniform administrative Requirements Cost Principles and Audit Requirements for Federal Awards Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement The Schedule includes the federal award activity of 118 East 111th Street Corporation the Entity under programs of the federal government for the year ended June 30, 2023 The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Entity it is not intended to and does not present the financial position change in net assets or cash flows of the Entity
Title: Loans Loans Guarantee Outstanding Balance Accounting Policies: NHQ8LWWG9RK6 De Minimis Rate Used: N Rate Explanation: The Entity is reimbursed for programmatic and administrative costs in accordance with rules set forth by Regulator Federal Award Listing Number 14.181 Supportive Housing for Persons with Disabilities Capital Advance Program Outstanding Balance 1795800
Title: Federal Loan Program Accounting Policies: NHQ8LWWG9RK6 De Minimis Rate Used: N Rate Explanation: The Entity is reimbursed for programmatic and administrative costs in accordance with rules set forth by Regulator The Entity received a US Department of Housing and Urban Development Capital Advance under Section 811 of the National Affordable Housing Act The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule The Entity received no additional loans during the year

Finding Details

Finding 2023-001
Information on the Universe Population Size- One surplus cash deposit Sample size- One surplus cash deposit Identification of Repeat Finding Reference Number 2022-001 Criteria-The regulatory agreement requires surplus cash payments to be deposited in the residual receipts reserve within 90 days of the fiscal year end Statement of Condition-The reason the deposit was not made is due to management oversight due to a change in management personnel positions Effect or Potential Effect-The requirement to deposit surplus cash within 90 days of the fiscal year end was not met Auditor Non-Compliance Code-B – Failure to make required residual receipts deposits Questioned Costs-There were no known questioned costs Reporting Views of Responsible Officials- Our policy has been to make surplus cash deposits after the final audit has been issued. Going forward our focus will be to work with the auditor and owner to get the audits finalized earlier so adequate time is left for the deposits to be made. In instances where the final is not going to be issued and allow enough time, the deposit will be made based on the reviewed draft FHA Contract Number 012-DH010 Context-The finding represents an instance of management oversight due to a change in management personnel positions Recommendations-We recommend that management ensures the surplus cash deposit is done timely in the future or request a waiver from HUD Auditors’ Summary of the Auditee’s Comments on the Findings and Recommendations-Management agrees with the finding and is in the process of obtaining a waiver from HUD or depositing the required surplus cash if a waiver is not granted Response-Management agrees with the finding and will make the surplus cash deposit as soon as funds are available or work with HUD to to receive a wavier
Finding 2023-001
Information on the Universe Population Size- One surplus cash deposit Sample size- One surplus cash deposit Identification of Repeat Finding Reference Number 2022-001 Criteria-The regulatory agreement requires surplus cash payments to be deposited in the residual receipts reserve within 90 days of the fiscal year end Statement of Condition-The reason the deposit was not made is due to management oversight due to a change in management personnel positions Effect or Potential Effect-The requirement to deposit surplus cash within 90 days of the fiscal year end was not met Auditor Non-Compliance Code-B – Failure to make required residual receipts deposits Questioned Costs-There were no known questioned costs Reporting Views of Responsible Officials- Our policy has been to make surplus cash deposits after the final audit has been issued. Going forward our focus will be to work with the auditor and owner to get the audits finalized earlier so adequate time is left for the deposits to be made. In instances where the final is not going to be issued and allow enough time, the deposit will be made based on the reviewed draft FHA Contract Number 012-DH010 Context-The finding represents an instance of management oversight due to a change in management personnel positions Recommendations-We recommend that management ensures the surplus cash deposit is done timely in the future or request a waiver from HUD Auditors’ Summary of the Auditee’s Comments on the Findings and Recommendations-Management agrees with the finding and is in the process of obtaining a waiver from HUD or depositing the required surplus cash if a waiver is not granted Response-Management agrees with the finding and will make the surplus cash deposit as soon as funds are available or work with HUD to to receive a wavier