EIN: 010736732
UEI: PWCXAMXMMKW5
Data as of August 26, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 2, 2024. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by October 2, 2024 (693 days ago).
What is a management decision? →Condition - As of December 31, 2023, Mount St. Mary's Housing Development Fund Company, Inc. was owed $11,700 for shared expenses from a related party, which were over 30 days past due. Criteria - In accordance with HUD regulations, related party loans are not allowed without written approval from HUD. Effect - The Company is not in compliance with its regulatory agreement with HUD. Cause - The Company did not follow up on past due receivables from a related party. Recommendation - The Company should collect the balance due as soon as possible. Management's Corrective Action - In March 2024, the Company obtained the final payment to repay the $11,700 of past due receivables. Management has established a new report to monitor the shared expenses on a monthly basis and ensure timely payment of shared expenses.
Show full finding ▾Hide full finding ▴Condition - As of December 31, 2023, Mount St. Mary's Housing Development Fund Company, Inc. was owed $11,700 for shared expenses from a related party, which were over 30 days past due. Criteria - In accordance with HUD regulations, related party loans are not allowed without written approval from HUD. Effect - The Company is not in compliance with its regulatory agreement with HUD. Cause - The Company did not follow up on past due receivables from a related party. Recommendation - The Company should collect the balance due as soon as possible. Management's Corrective Action - In March 2024, the Company obtained the final payment to repay the $11,700 of past due receivables. Management has established a new report to monitor the shared expenses on a monthly basis and ensure timely payment of shared expenses.
Oversight agency for audit: U.S. Department of Housing and Urban Development Mount St. Mary's Housing Development Fund Company, Inc. respectfully submits the following corrective action plan for the year ended December 31, 2023. Name and address of independent public accounting firm: EFPR Group, CPAs, PLLC 6390 Main Street, Suite 200 Williamsville, NY 14221 Audit period: December 31, 2023 The finding from the December 31, 2023 schedule of findings and questioned costs is discussed below. The finding is numbered consistently with the number assigned in the schedule. Section I of the schedule, Summary of Auditors’ Results, does not include findings and is not addressed. (A) Findings - Financial Statement Audit None (B) Findings - Federal Award Programs Audits U.S. Department of Housing and Urban Development (1) Finding 2023-001: Section 202 Capital Advance Funding and Project Rental Assistance Contract, Assistance Listing Number 14.157 (a) Recommendation: The Company should collect the balance due as soon as possible. (b) Action Taken: In March 2024, the Company obtained the final payment to repay the $11,700 of past due receivables. Management has established a new report to monitor the shared expenses on a monthly basis and ensure timely payment of shared expenses. If the U.S. Department of Housing and Urban Development has questions regarding this plan, please call James Lonergan at 716-847-1635. Sincerely yours, _____________________________ James Lonergan, Executive Director
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