Finding 555620 (2024-002)

- Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-04-22

AI Summary

  • Issue: The Company failed to submit form SF-SAC on time for the year ending March 31, 2024.
  • Requirements Impacted: This violates the Uniform Guidance, which mandates submission within 30 days of the auditor’s report or 9 months after the fiscal year-end.
  • Follow-Up: Management should submit the SF-SAC form promptly to ensure compliance and avoid repeat findings.

Finding Text

Condition - The Company has not submitted form SF-SAC to the Federal Audit Clearinghouse for the year ended March 31, 2024 within the required timeframe. Criteria - According to the Uniform Guidance compliance requirements, the audit package and the data collection form shall be submitted 30 days after receipt of the auditor’s report, or 9 months after the end of the fiscal year, whichever comes first. Effect - The Company was not in compliance with the above Uniform Guidance compliance requirement. Cause - Due to delays of audit documentation form management, the audit was not able to be completed within the required time frame. Repeat Finding - This is a repeat of finding 2023-002 from the prior year. Recommendation - We recommend that management submit the form SF-SAC as soon as possible for the year ended March 31, 2024. Management’s Reply - Management will submit the form SF-SAC to the Federal Audit Clearinghouse as soon as the audit is received for the year ended March 31, 2024.

Corrective Action Plan

Name of auditee: Friendship Manor Housing Development Fund Company, Inc. Project No.: 01411252 TIN: 20-8665840 Name of audit firm: EFPR Group, CPA, PLLC Period covered by audit: March 31, 2024 CAP prepared by: Andrea D. Mays President of the Managing Agent ADM Management Group, Inc. (716) 892-1799 (2) Finding 2024-002 Management will submit the form SF-SAC to the Federal Audit Clearinghouse as soon as the audit is received for the year ended March 31, 2024.

Categories

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Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.40M
14.195 Section 8 Housing Assistance Payments Program $394,776