EIN: 222807734
UEI: E1SFU5NLUEX8
Audited by: Bonadio & Co., LLP
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 25, 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 September 25, 2026 (25 days from today).
What is a management decision? →The required deposit of $13,025 for the year ended December 31, 2024 was not made within the 90-day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: East Main Street Apartments’ surplus cash was not performed timely. Effect: East Main Street Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: East Main Street Apartments should ensure residual receipts are made within 90 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: East Main Street Apartments agrees with the finding and will make the required payment.
Show full finding ▾Hide full finding ▴Finding 2025-001: Mortgage Insurance – Rental Housing (Section 207), federal assistance listing number 14.134 Criteria: East Main Street Apartments is required to determine surplus cash requirements annually. If surplus cash exists, the amount must be transferred from the operating account to the residual receipts account within 90 days of the Project’s fiscal year-end. Condition: The required deposit of $13,025 for the year ended December 31, 2024 was not made within the 90-day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: East Main Street Apartments’ surplus cash was not performed timely. Effect: East Main Street Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: East Main Street Apartments should ensure residual receipts are made within 90 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: East Main Street Apartments agrees with the finding and will make the required payment.
Audit period: January 1, 2025 – December 31, 2025 The findings from the 2025 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 2025-001: Mortgage Insurance – Rental Housing (Section 207), federal assistance listing number 14.134 Recommendation: East Main Street Apartments should ensure residual receipts are made within 90 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: East Main Street Apartments agrees with the finding and will make the required payment. Anticipated Completion Date: April 2026 Name of Contact Person Responsible for Corrective Action: John Lutz, VPF, (315) 424-1821.
Unit inspections were not performed during the year. Context: We reviewed 4 tenant files for documentation of unit inspections. Cause: East Main Street Apartments did not ensure unit inspections were performed during the year. Effect: The tenant’s unit may not be in a decent, safe, and sanitary condition. Recommendation: We recommend that East Main Street Apartments resume unit inspections and ensure those inspections are properly documented in the tenant files. Views of management and planned corrective action: East Main Street Apartments has resumed unit inspections and will ensure those inspections are properly documented in the tenant files.
Show full finding ▾Hide full finding ▴Finding 2025-002: Mortgage Insurance – Rental Housing (Section 207), federal assistance listing number 14.134 Criteria: The HUD Handbook requires owners to perform and document inspections of each unit on at least an annual basis. Condition: Unit inspections were not performed during the year. Context: We reviewed 4 tenant files for documentation of unit inspections. Cause: East Main Street Apartments did not ensure unit inspections were performed during the year. Effect: The tenant’s unit may not be in a decent, safe, and sanitary condition. Recommendation: We recommend that East Main Street Apartments resume unit inspections and ensure those inspections are properly documented in the tenant files. Views of management and planned corrective action: East Main Street Apartments has resumed unit inspections and will ensure those inspections are properly documented in the tenant files.
Finding 2025-002: Mortgage Insurance – Rental Housing (Section 207), federal assistance listing number 14.134 Recommendation: We recommend that East Main Street Apartments resume unit inspections and ensure those inspections are properly documented in the tenant files. Views of management and planned corrective action: East Main Street Apartments has resumed unit inspections and will ensure those inspections are properly documented in the tenant files. Anticipated Completion Date: April 2026 Name of Contact Person Responsible for Corrective Action: John Lutz, VPF, (315) 424-1821.
FAC accepted this audit on April 14, 2025 — management decision was due October 14, 2025.
The required deposit of $18,913 for the year ended December 31, 2023 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: East Main Street Apartments’ surplus cash was not performed timely. Effect: East Main Street Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: East Main Street Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: East Main Street Apartments agrees with the finding and the required payment was made after the 60-day timeline.
Show full finding ▾Hide full finding ▴Finding 2024-001: Mortgage Insurance – Rental Housing (Section 207), federal assistance listing number 14.134 Criteria: East Main Street Apartments is required to determine surplus cash requirements annually. If surplus cash exists, the amount must be transferred from the operating account to the residual receipts account within 60 days of the Project’s fiscal year-end. Condition: The required deposit of $18,913 for the year ended December 31, 2023 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: East Main Street Apartments’ surplus cash was not performed timely. Effect: East Main Street Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: East Main Street Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: East Main Street Apartments agrees with the finding and the required payment was made after the 60-day timeline.
Audit period: January 1, 2024 – December 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 2024-001: Mortgage Insurance – Rental Housing (Section 207), federal assistance listing number 14.134 Recommendation: East Main Street Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Action Taken: East Main Street Apartments made the required payment was made after the 60-day timeline. Completion Date: March 2024 Name of Contact Person Responsible for Corrective Action: Kyle Lyskawa, CFO (315) 424-1821
FAC accepted this audit on March 28, 2024 — management decision was due September 28, 2024.
The required deposit of $6,393 for the year ended December 31, 2022 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: East Main Street Apartments’ surplus cash was not performed timely. Effect: East Main Street Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: East Main Street Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: East Main Street Apartments agrees with the finding and the required payment was made after the 60-day timeline.
Show full finding ▾Hide full finding ▴Finding 2023-001: Mortgage Insurance – Rental Housing (Section 207), federal assistance listing number 14.134 Criteria: East Main Street Apartments is required to determine surplus cash requirements annually. If surplus cash exists, the amount must be transferred from the operating account to the residual receipts account within 60 days of the Project’s fiscal year-end. Condition: The required deposit of $6,393 for the year ended December 31, 2022 was not made within the 60 day timeline. Context: We reviewed the residual receipts deposits during the year. Cause: East Main Street Apartments’ surplus cash was not performed timely. Effect: East Main Street Apartments is not in compliance with the HUD Regulatory Agreement as it relates to the management of the residual receipts reserve. Recommendation: East Main Street Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Views of management and planned corrective action: East Main Street Apartments agrees with the finding and the required payment was made after the 60-day timeline.
U.S. Department of Housing and Urban Development Taylor Brown Housing Development Fund Company, Inc. (East Main Street Apartments), FHA Project No. 014-11145 respectfully submits the following corrective action plan for the year ended December 31, 2023. Name and address of independent public accounting firm: Bonadio & Co., LLP 432 North Franklin Street #60 Syracuse, New York 13204 Audit period: January 1, 2023 – December 31, 2023 The findings from the 2023 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 2023-001: Mortgage Insurance – Rental Housing (Section 207), federal assistance listing number 14.134 Recommendation: East Main Street Apartments should ensure residual receipts are made within 60 days of year-end in accordance with the HUD Regulatory Agreement. Action Taken: East Main Street Apartments made the required payment was made after the 60-day timeline. Completion Date: March 2024 Name of Contact Person Responsible for Corrective Action: Kyle Lyskawa, CFO (315) 424-1821
FAC accepted this audit on April 11, 2023 — management decision was due October 11, 2023.
FAC accepted this audit on March 29, 2022 — management decision was due September 29, 2022.
Unit inspections were not performed during the year. Context: We reviewed eight tenant files for documentation of unit inspections. Cause: East Main Street Apartments did not ensure unit inspections continued through COVID. Effect: The tenant?s unit may not be in a decent, safe, and sanitary condition. Recommendation: We recommend that East Main Street Apartments resume unit inspections and ensure those inspections are properly documented in the tenant files. Views of management and planned corrective action: East Main Street Apartments has resumed unit inspections and will ensure those inspections are properly documented in the tenant files.
Show full finding ▾Hide full finding ▴Finding 2021-001: Mortgage Insurance ? Rental Housing (Section 207), federal assistance listing number 14.134 Criteria: The HUD Handbook requires owners to perform and document inspections of each unit on at least an annual basis. Condition: Unit inspections were not performed during the year. Context: We reviewed eight tenant files for documentation of unit inspections. Cause: East Main Street Apartments did not ensure unit inspections continued through COVID. Effect: The tenant?s unit may not be in a decent, safe, and sanitary condition. Recommendation: We recommend that East Main Street Apartments resume unit inspections and ensure those inspections are properly documented in the tenant files. Views of management and planned corrective action: East Main Street Apartments has resumed unit inspections and will ensure those inspections are properly documented in the tenant files.
CORRECTIVE ACTION PLAN FOR THE YEAR ENDED DECEMBER 31, 2021 U.S. Department of Housing and Urban Development Taylor Brown Housing Development Fund Company, Inc. (East Main Street Apartments) HUD Project No. 014-11145 respectfully submits the following corrective action plan for the year ended December 31, 2021. Name and address of independent public accounting firm: Bonadio & Co., LLP 432 North Franklin Street #60 Syracuse, New York 13204 Audit period: January 1, 2021 ? December 31, 2021 The findings from the 2021 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 2021-001: Mortgage Insurance ? Rental Housing (Section 207), federal assistance listing number 14.134 Recommendation: Our auditors recommended that we resume unit inspections and ensure those inspections are properly documented in the tenant files. Action Taken: We are currently in the process of completing and documenting unit inspections. Name of Contact Person Responsible for Corrective Action: Kyle Lyskawa, CFO, (315) 424-1821. Anticipated Completion Date: April 2022
FAC accepted this audit on March 28, 2021 — management decision was due September 28, 2021.
FAC accepted this audit on April 29, 2020 — management decision was due October 29, 2020.
FAC accepted this audit on March 19, 2019 — management decision was due September 19, 2019.
FAC accepted this audit on March 21, 2018 — management decision was due September 21, 2018.
FAC accepted this audit on April 16, 2017 — management decision was due October 16, 2017.
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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