U.S. Department of Housing and Urban Development
Pond Street Housing Development Fund Company, Inc. (Bishop Harrison Apartments), HUD Project No. 014-11248 respectfully submits the following corrective action plan for the year ended March 31, 2024.
Name and address of independent public accounting firm:
Bonadio & Co., LLP
432 North Franklin Street #60
Syracuse, New York 13204
Audit period:
April 1, 2023 – March 31, 2024
The findings from the 2024 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule.
FINDINGS – FINANCIAL STATEMENT AUDIT
None
FINDINGS – FEDERAL AWARD PROGRAM AUDIT
Finding 2024-002: Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Federal Assistance Listing Number 14.155
Recommendation: Our auditors recommended that we review resident files to ensure income was properly calculated and documented and obtain signatures on the revised HUD-50059. Procedures for verifying income documents and building tenant files should be reviewed.
Action Taken: Bishop Harrison Apartments replaced the apartment manager after year-end and has reviewed all files to ensure appropriate documentation is maintained.
Name of Contact Person Responsible for Corrective Action: Kyle Lyskawa, CFO, (315) 424-1821.
Completion Date: July 2024