FAC Explorer

Finding 501232 (2021-004)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2021
Accepted
2024-10-01
Audit: 323507
Organization: Boston Road Housing Development Fund Company, Inc. (NY)
Auditor: Cbiz CPAS PC

AI Summary

  • Issue: Electronic submission to REAC was late, missing the nine-month deadline after year-end.
  • Impact: This delay puts the Project out of compliance with the Uniform Guidance.
  • Next Steps: Submit the electronic documents to REAC immediately; management is aware and will address the issue promptly.

Finding Text

Criteria: Electronic submission is required to be submitted to REAC within nine months of year end. Condition: Electronic submission to REAC was not submitted 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. Prior Year Finding: No.

Corrective Action Plan

a. Recommendation: We recommend that the electronic submission to REAC be filed as soon as possible. b. Action(s) Taken/Planned: 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 foward.

Categories

Reporting

Other Findings in this Audit

  • 501233 2021-004
    Significant Deficiency
  • 1077674 2021-004
    Significant Deficiency
  • 1077675 2021-004
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $5.68M
14.195 Section 8 Housing Assistance Payments Program $1.80M