Finding 367376 (2021-003)

Significant Deficiency

Requirement

Questioned Costs

Year

2021

Accepted

2024-02-14

Audit: 290355

Organization: Evergreen Estates Housing Development Fund Company, Inc. (NY)

Auditor: Marks Paneth LLP

AI Summary

Issue: The electronic submission to REAC was not filed within the required nine-month timeframe after year-end.
Requirements Impacted: Compliance with the Uniform Guidance is at risk due to late submission of financial statements.
Follow-Up: Submit the electronic filing to REAC immediately and ensure timely finalization of financial statements in the future.

Finding Text

Condition: Electronic submission to REAC was not submitted within nine months of year end. Criteria: Electronic submission is required to be submitted to REAC within nine months of year end. Cause: The financial statements were not finalized by the due date. Effect: The Project is not in compliance with the Uniform Guidance. Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. Reporting Views of Responsible Officials: Management has acknowledged a breach in protocol and will resolve the matter as soon as possible.

Corrective Action Plan

Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. Action Taken: Oversight of the filing process is being reviewed and adjusted to ensure the electronic submission to REAC will be filed as soon as possible and on a timely basis going forward.

Other Findings in this Audit

943818 2021-003

Significant Deficiency

Programs in Audit

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$12.96M
14.195	Section 8 Housing Assistance Payments Program	$2.47M