EIN: 161492032
UEI: N5HJUBJRJ656
Audited by: WithumSmith+Brown, PC
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 31, 2026. 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 1, 2026 (31 days from today).
What is a management decision? →Finding 2025-001: Special Tests and Provisions - Project Funds. Criteria: In accordance with 24 CFR 891.400(e), a separate interest-bearing project fund account shall be maintained in a depository or depositories which are members of the Federal Deposit Insurance Corporation or National Credit Union Share Insurance Fund and all tenant payments, charges, income and revenues arising from project operation or ownership shall be deposited to this account. Condition and context: During our testing, we noted that the project fund account used by the Company was not an interest-bearing account. Cause: Subsequent to the initial rental assistance contract, changes to HUD regulations resulted in the requirement that the project fund account be an interest-bearing account. This change was an oversight by the Company's management. Effect or potential effect: Project funds would not earn interest in accordance with HUD requirements. Questioned costs: None. Recommendation: We recommend that the Company utilize an interest-bearing account for project funds in accordance with HUD requirements. Views of responsible officials: Management concurs with the audit finding. Although the non-profit Company does not currently use an interest-bearing account for project funds, due to the ongoing operation of the program and continuous activity within the project funds account, any interest earned in such an account would be negligible. Management inquired with the bank and deemed the cost outweighs the benefit due to the fees charged for an interest bearing account exceeding the interest that would be earned.
Show full finding ▾Hide full finding ▴Finding 2025-001: Special Tests and Provisions - Project Funds. Criteria: In accordance with 24 CFR 891.400(e), a separate interest-bearing project fund account shall be maintained in a depository or depositories which are members of the Federal Deposit Insurance Corporation or National Credit Union Share Insurance Fund and all tenant payments, charges, income and revenues arising from project operation or ownership shall be deposited to this account. Condition and context: During our testing, we noted that the project fund account used by the Company was not an interest-bearing account. Cause: Subsequent to the initial rental assistance contract, changes to HUD regulations resulted in the requirement that the project fund account be an interest-bearing account. This change was an oversight by the Company's management. Effect or potential effect: Project funds would not earn interest in accordance with HUD requirements. Questioned costs: None. Recommendation: We recommend that the Company utilize an interest-bearing account for project funds in accordance with HUD requirements. Views of responsible officials: Management concurs with the audit finding. Although the non-profit Company does not currently use an interest-bearing account for project funds, due to the ongoing operation of the program and continuous activity within the project funds account, any interest earned in such an account would be negligible. Management inquired with the bank and deemed the cost outweighs the benefit due to the fees charged for an interest bearing account exceeding the interest that would be earned.
Corrective Action Plan – Single Audit Finding Entity Name: Niagara Village Housing Development Fund Co., Inc. Audit Period: For the year Ended June 30, 2025 Finding Reference Number: 14.181 Federal Program: Supportive Housing for Persons with Disabilities (Section 811) 1. Audit Finding Summary Describe the audit finding and the specific noncompliance identified by the auditor. In accordance with 24 CFR 891.400(e), a separate interest-bearing project fund account shall be maintained in a depository or depositories which are members of the Federal Deposit Insurance Corporation or National Credit Union Share Insurance Fund and all tenant payments, charges, income and revenues arising from project operation or ownership shall be deposited to this account. 2. Root Cause Explain the underlying reasons for the finding, such as process gaps, training issues, or lack of controls. Subsequent to the initial rental assistance contract, changes to HUD regulations resulted in the requirement that the project fund account be an interest-bearing account. This change was an oversight by the Company's management. 3. Corrective Actions Action Item: Use an interest-bearing account for project funds Responsible Person: Chief Financial Officer Completion Date: TBD Status: In process 4. Monitoring Plan Describe how the implementation of corrective actions will be monitored and evaluated. Management inquired with the bank and deemed the cost outweighs the benefit due to the fees charged for an interest bearing account exceeding the interest that would be earned. 5. Contact Information Name: Aaron Hejmowski Title: Chief Financial Officer Phone: 716-884-7791 Email: ahejmowski@belmonthousingwny.org
FAC accepted this audit on October 1, 2024 — management decision was due April 1, 2025.
FAC accepted this audit on October 26, 2023 — management decision was due April 26, 2024.
FAC accepted this audit on October 27, 2022 — management decision was due April 27, 2023.
FAC accepted this audit on October 26, 2021 — management decision was due April 26, 2022.
FAC accepted this audit on October 6, 2020 — management decision was due April 6, 2021.
FAC accepted this audit on October 22, 2019 — management decision was due April 22, 2020.
Management failed to deposit the property?s surplus cash as of June 30, 2018 within 90 days. Cause: Management oversight in monitoring the required deposit resulted in this finding. Effect: Management was not in compliance with the requirements of the Uniform Guidance, Section 891.400, Responsibilities of Owner. This noncompliance could result in a lack of internal controls over management?s activities and monitoring related to these areas and could impact the related federal funding. Questioned costs: There were no questioned costs noted related to this finding. Context: This finding was identified during inquiries of management in regards to the control environment over the requirements of the Uniform Guidance and through testing of the requirements noted above. Recommendation: We recommend that the management implement a policy and procedure to ensure compliance with the Uniform Guidance.
Show full finding ▾Hide full finding ▴FINDINGS AND QUESTIONED COSTS FOR FEDERAL AWARDS 2019-001 Deposit of Surplus Cash CFDA No. 14.181 ? Supportive Housing for Persons with Disabilities (Section 811) Year Ended June 30, 2019 Federal Agency: U.S. Department of Housing and Urban Development Criteria: Management is required to deposit any surplus cash at the end of the fiscal year into the residual receipts account within 90 days following the end of the fiscal year. Condition: Management failed to deposit the property?s surplus cash as of June 30, 2018 within 90 days. Cause: Management oversight in monitoring the required deposit resulted in this finding. Effect: Management was not in compliance with the requirements of the Uniform Guidance, Section 891.400, Responsibilities of Owner. This noncompliance could result in a lack of internal controls over management?s activities and monitoring related to these areas and could impact the related federal funding. Questioned costs: There were no questioned costs noted related to this finding. Context: This finding was identified during inquiries of management in regards to the control environment over the requirements of the Uniform Guidance and through testing of the requirements noted above. Recommendation: We recommend that the management implement a policy and procedure to ensure compliance with the Uniform Guidance.
NIAGARA VILLAGE HOUSING DEVELOPMENT FUND CO., INC. (AN ENTITY CONTROLLED BY BELMONT HOUSING RESOURCES FOR WNY, INC.) HUD PROJECT NO. 014-HD026 CORRECTIVE ACTION PLAN YEAR ENDED JUNE 30, 2019 Identifying Number: 2019-001 Deposit of Surplus Cash Finding: Management is required to deposit any surplus cash at the end of the fiscal year into the residual receipts account within 90 days following the end of the fiscal year. Management failed to deposit the property?s surplus cash as of June 30, 2018 within 90 days. Corrective Actions Taken or Planned: Management reviewed the policies and procedures currently in place and has since updated them to ensure compliance with the Uniform Guidance. During the completion of the audit process, the Controller, Irina Poudy, will be responsible for ensuring that any residual receipts payment owed will be deposited within 90 days following the end of the fiscal year. The Chief Financial Officer, Aaron Hejmowski, as part of reviewing the draft version of the audited financial statements will then ensure that a deposit of surplus cash was made to the residual receipts account, if applicable. The deposit to residual receipts for year ended June 30, 2019 was made on September 25, 2019.
FAC accepted this audit on September 30, 2018 — management decision was due March 30, 2019.
FAC accepted this audit on September 28, 2017 — management decision was due March 28, 2018.
FAC accepted this audit on September 29, 2016 — management decision was due March 29, 2017.
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