EIN: 010485193
UEI: JKKWLV3QJ2G4
Data as of August 24, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on December 19, 2025. 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 June 19, 2026 (67 days ago).
What is a management decision? →Lack of controls and oversight of management and accounting staff led to audit adjustments related to accounts receivable, revenue, prepaid assets, fixed assets, accounts payable and other current liabilities, and expenses that were material in the aggregate and were required to present the financial statements in accordance with generally accepted accounting principles. Criteria: Management is responsible for maintaining its accounting records in accordance with generally accepted accounting principles. Cause: Inadequate controls over financial close and reporting procedures. Effect or Potential Effect: As a result of the condition, the Corporation’s accounting records were initially misstated by amounts material to the financial statements. Recommendation: We recommend accounting staff be trained and developed and that control systems are put in place to ensure there is proper review over monthly and annual financial close and reporting procedures to eliminate errors in the future. Reporting Views of Responsible Officials and Planned Corrective Action: We concur deficiencies existed in the oversight and review of transactions considered material in the aggregate over accounts receivable, revenue, prepaid assets, fixed assets, accounts payable and other current liabilities, and expenses during financial close and reporting procedures. Therefore, the following action will be implemented by December 31, 2025: • Management will implement a training plan to develop accounting staff and management to improve controls over monthly and annual procedures over financial close and reporting by December 31, 2025.
Show full finding ▾Hide full finding ▴Finding Number: 2025-001 Questioned Costs: N/A Information on Universe and Population Size: N/A Sample Size Information: N/A Noncompliance Information: No instances of noncompliance identified. Statement of Condition: Lack of controls and oversight of management and accounting staff led to audit adjustments related to accounts receivable, revenue, prepaid assets, fixed assets, accounts payable and other current liabilities, and expenses that were material in the aggregate and were required to present the financial statements in accordance with generally accepted accounting principles. Criteria: Management is responsible for maintaining its accounting records in accordance with generally accepted accounting principles. Cause: Inadequate controls over financial close and reporting procedures. Effect or Potential Effect: As a result of the condition, the Corporation’s accounting records were initially misstated by amounts material to the financial statements. Recommendation: We recommend accounting staff be trained and developed and that control systems are put in place to ensure there is proper review over monthly and annual financial close and reporting procedures to eliminate errors in the future. Reporting Views of Responsible Officials and Planned Corrective Action: We concur deficiencies existed in the oversight and review of transactions considered material in the aggregate over accounts receivable, revenue, prepaid assets, fixed assets, accounts payable and other current liabilities, and expenses during financial close and reporting procedures. Therefore, the following action will be implemented by December 31, 2025: • Management will implement a training plan to develop accounting staff and management to improve controls over monthly and annual procedures over financial close and reporting by December 31, 2025.
1. Finding 2025-001: a. We concur that material audit adjustments related to accounts receivable, revenue, prepaid assets, fixed assets, accounts payable and other current liabilities, and expenses were needed in order to present the financial statements in accordance with generally accepted accounting principles, and are in agreement with the recommendations to implement staff training on monthly and annual procedures over financial close and reporting. b. Action(s) Taken on the Finding: We have posted the adjustments recommended by the auditors. Management will conduct staff training on monthly and annual procedures over financial close and reporting by December 31, 2025.
2024-001
FAC accepted this audit on October 28, 2024 — management decision was due April 28, 2025.
Material audit adjustments related to receivables, revenues, prepaid assets, accounts payable, accrued liabilities, and expenses were required to present the financial statements in accordance with generally accepted accounting principles. Criteria: Management is responsible for maintaining its accounting records in accordance with generally accepted accounting principles. Cause: Inadequate controls over financial close and reporting procedures. Effect or Potential Effect: As a result of the condition, the Corporation’s accounting records were initially misstated by amounts material to the financial statements. Recommendation: We recommend that control systems are put in place to ensure there is proper training and review over monthly and annual financial close and reporting procedures to eliminate errors in the future. Reporting Views of Responsible Officials and Planned Corrective Action: While policies and procedures were fundamentally sound, deficiencies existed in the oversight and review of material transactions over receivables, revenues, prepaid assets, accounts payable, accrued liabilities, and expenses during financial close and reporting procedures. Therefore, the following action will be implemented by December 31, 2024: • Management will implement staff training on monthly and annual procedures over financial close and reporting by December 31, 2024.
Show full finding ▾Hide full finding ▴Finding Number: 2024-001 Questioned Costs: N/A Information on Universe and Population Size: N/A Sample Size Information: N/A Noncompliance Information: No instances of noncompliance identified. Statement of Condition: Material audit adjustments related to receivables, revenues, prepaid assets, accounts payable, accrued liabilities, and expenses were required to present the financial statements in accordance with generally accepted accounting principles. Criteria: Management is responsible for maintaining its accounting records in accordance with generally accepted accounting principles. Cause: Inadequate controls over financial close and reporting procedures. Effect or Potential Effect: As a result of the condition, the Corporation’s accounting records were initially misstated by amounts material to the financial statements. Recommendation: We recommend that control systems are put in place to ensure there is proper training and review over monthly and annual financial close and reporting procedures to eliminate errors in the future. Reporting Views of Responsible Officials and Planned Corrective Action: While policies and procedures were fundamentally sound, deficiencies existed in the oversight and review of material transactions over receivables, revenues, prepaid assets, accounts payable, accrued liabilities, and expenses during financial close and reporting procedures. Therefore, the following action will be implemented by December 31, 2024: • Management will implement staff training on monthly and annual procedures over financial close and reporting by December 31, 2024.
1. Finding 2024-001: a. Comments on the Finding: We concur that material audit adjustments related to receivables, revenues, prepaid assets, accounts payable, accrued liabilities, and expenses were needed in order to present the financial statements in accordance with generally accepted accounting principles, and are in agreement with the recommendations to implement staff training on monthly and annual procedures over financial close and reporting. b. Action(s) Taken on the Finding: We have posted the adjustments recommended by the auditors and management will implement the following control: • Conduct staff training on monthly and annual procedures over financial close and reporting by December 31, 2024.
During April 2024 when there was a change in management agents, required monthly deposits to the replacement reserve account were not made for the final three months of the period under review resulting in an underfunded replacement reserve account by $11,250. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund. All disbursements from the reserve must be approved by HUD. Cause: Lack of adequate controls, oversight, and review of the replacement reserve funding process. Effect or Potential Effect: Required monthly deposits to the replacement reserve were not made for three months as required by HUD resulting in and underfunded balance. Recommendation: We recommend that management make the delinquent deposits to the replacement reserve account, that accounting staff be trained on the requirement to make monthly deposits into the replacement reserve account, and that management monitor account funding to ensure all required deposits have been made on time. Reporting Views of Responsible Officials and Planned Corrective Action: We concur that lack of adequate oversight and review of the replacement reserve funding process led to an underfunding of the replacement reserve account, and are in agreement with the recommendations that the delinquent deposits be made, that accounting staff be trained on the requirement to make monthly deposits into the replacement reserve account, and that management monitor account funding to ensure all required deposits have been made timely. Therefore, the following actions will be implemented: • Make delinquent deposits to the Replacement Reserve account by October 31, 2024. • Management will implement staff training on the requirement to make monthly deposits into the replacement reserve account and implement processes to monitor account funding to ensure timely monthly deposits by December 31, 2024.
Show full finding ▾Hide full finding ▴Finding Number: 2024-002 Questioned Costs: $11,250 Information on Universe and Population Size: Full population is twelve months of required deposits to the replacement reserve account totaling $45,000. Three months of required deposits totaling $11,250 were not made. Sample Size information: N/A – full population examined. Noncompliance Information: The Corporation failed to make three required monthly deposits into the Replacement Reserve account during the period under review. Statement of Condition: During April 2024 when there was a change in management agents, required monthly deposits to the replacement reserve account were not made for the final three months of the period under review resulting in an underfunded replacement reserve account by $11,250. Criteria: Owners shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance and repair and replacement of capital items. The replacement reserve funds must be deposited in a federally insured depository in an interest-bearing account. All earnings including interest on the reserve must be added to the reserve. An amount as required by HUD will be deposited monthly in the reserve fund. All disbursements from the reserve must be approved by HUD. Cause: Lack of adequate controls, oversight, and review of the replacement reserve funding process. Effect or Potential Effect: Required monthly deposits to the replacement reserve were not made for three months as required by HUD resulting in and underfunded balance. Recommendation: We recommend that management make the delinquent deposits to the replacement reserve account, that accounting staff be trained on the requirement to make monthly deposits into the replacement reserve account, and that management monitor account funding to ensure all required deposits have been made on time. Reporting Views of Responsible Officials and Planned Corrective Action: We concur that lack of adequate oversight and review of the replacement reserve funding process led to an underfunding of the replacement reserve account, and are in agreement with the recommendations that the delinquent deposits be made, that accounting staff be trained on the requirement to make monthly deposits into the replacement reserve account, and that management monitor account funding to ensure all required deposits have been made timely. Therefore, the following actions will be implemented: • Make delinquent deposits to the Replacement Reserve account by October 31, 2024. • Management will implement staff training on the requirement to make monthly deposits into the replacement reserve account and implement processes to monitor account funding to ensure timely monthly deposits by December 31, 2024.
2. Finding 2024-002: a. Comments on the Finding: We concur with the recommendation; management will make deposits to the replacement reserve account and that accounting staff be trained on the requirement to make monthly deposits into the replacement reserve account and that management monitor account funding to ensure all required deposits have been made on time. b. Action(s) Taken on the Finding: We will make the delinquent deposits to the replacement reserve account by October 31, 2024. We will implement staff training on the requirement to make monthly deposits into the replacement reserve account and we will implement processes to monitor account funding to ensure all required deposits have been made on time by December 31, 2024.
FAC accepted this audit on October 11, 2021 — management decision was due April 11, 2022.
The financial statements for fiscal years ending June 30, 2011 through June 30, 2020 were not submitted to HUD (via the REAC system) by the required due dates (typically 90 days after year end). Cause: The prior management agent did not prepare the financial information on a timely basis. Effect or Potential Effect: The financial statements were submitted beyond the required deadline. Recommendation: We recommend that the financial statements be submitted to the applicable regulators within the established time frames. Reporting Views of Responsible Officials: We concur that the financial statements were not submitted within the required time frame. Therefore, the following actions were/are being implemented: ? We have submitted the past due financial statements. All delinquent financial statements were submitted by March 16, 2021. ? We will submit future financial statements to the applicable regulators within the established time frame.
Show full finding ▾Hide full finding ▴Criteria: Management is responsible for the filing of the financial statements within the time frame designated by relevant regulatory agencies. Statement of Condition: The financial statements for fiscal years ending June 30, 2011 through June 30, 2020 were not submitted to HUD (via the REAC system) by the required due dates (typically 90 days after year end). Cause: The prior management agent did not prepare the financial information on a timely basis. Effect or Potential Effect: The financial statements were submitted beyond the required deadline. Recommendation: We recommend that the financial statements be submitted to the applicable regulators within the established time frames. Reporting Views of Responsible Officials: We concur that the financial statements were not submitted within the required time frame. Therefore, the following actions were/are being implemented: ? We have submitted the past due financial statements. All delinquent financial statements were submitted by March 16, 2021. ? We will submit future financial statements to the applicable regulators within the established time frame.
1. Finding 2021-001: a. Comments on the Finding: We concur that the financial statements for fiscal years ending June 30, 2011 through June 30, 2020 were not submitted within the required time frame. b. Action(s) Taken or Planned on the Finding: ? We have submitted the past due financial statements. All delinquent financial statements were submitted by March 16, 2021. ? We will submit future financial statements to the applicable regulators within the established time frame. c. Anticipated Completion Date: All delinquent financial statements were submitted by March 16, 2021.
2020-002
FAC accepted this audit on March 16, 2021 — management decision was due September 16, 2021.
The replacement reserve was underfunded by $42,855 at June 30, 2020. Cause: There were cash deficiencies resulting from the previous suspension of housing assistance payments. Effect: The replacement reserve was underfunded by $42,855 at June 30, 2020. The underfunding could result in the inability to pay for large repair and replacements costs at the property. Recommendation: We recommend that management make the necessary deposits to properly fund the replacement reserve.
Show full finding ▾Hide full finding ▴Finding 2020-001 Criteria: Management is responsible for funding the replacement reserve. HUD required the Corporation to deposit $600 per month into the replacement reserve account through April, 2020. Effective May 1, 2020, deposits of $3,750 per month were required to be deposited. Condition: The replacement reserve was underfunded by $42,855 at June 30, 2020. Cause: There were cash deficiencies resulting from the previous suspension of housing assistance payments. Effect: The replacement reserve was underfunded by $42,855 at June 30, 2020. The underfunding could result in the inability to pay for large repair and replacements costs at the property. Recommendation: We recommend that management make the necessary deposits to properly fund the replacement reserve.
Finding 2020-001 The replacement reserve was underfunded by $42,855 at June 30, 2020. Finding 2020-001 Replacement reserve deposits were initiated following the reinstatement of housing assistance payments. The replacement reserve will be properly funded at the completion of all outstanding audits.
2019-002
The financial statements were not submitted within the required time frame. Cause: The prior management agent did not prepare the financial information on a timely basis. Effect: The financial statements will be submitted to HUD beyond the required deadline. Recommendation: We recommend that the financial statements be submitted to HUD within 90 days of the Corporation?s fiscal year end.
Show full finding ▾Hide full finding ▴Finding 2020-002 Criteria: Management is responsible for the timely filing of the financial statements to HUD within 90 days of the Corporation?s fiscal year end. Condition: The financial statements were not submitted within the required time frame. Cause: The prior management agent did not prepare the financial information on a timely basis. Effect: The financial statements will be submitted to HUD beyond the required deadline. Recommendation: We recommend that the financial statements be submitted to HUD within 90 days of the Corporation?s fiscal year end.
Finding 2020-002 The financial statements were not electronically submitted to HUD by September 30, 2020. Finding 2020-002 All financial statements will be submitted to HUD by the project?s auditing firm at the completion of the outstanding audits.
2019-003
FAC accepted this audit on July 19, 2021 — management decision was due January 19, 2022.
The replacement reserve was underfunded by $42,855 at June 30, 2019. Cause: Effectively designed controls over replacement reserve funding were not implemented. In addition, there were cash deficiencies resulting from the previous suspension of housing assistance payments. Effect: The replacement reserve was underfunded by $42,855 at June 30, 2019. The underfunding could result in the inability to pay for large repair and replacements costs at the property. Recommendation: We recommend that management make the necessary deposits to properly fund the replacement reserve.
Show full finding ▾Hide full finding ▴Finding 2019-2 Criteria: Management is responsible for funding the replacement reserve. HUD required the Corporation to deposit $600 per month into the replacement reserve account through April, 2019. Effective May 1, 2019, deposits of $3,750 per month were required to be deposited. Condition: The replacement reserve was underfunded by $42,855 at June 30, 2019. Cause: Effectively designed controls over replacement reserve funding were not implemented. In addition, there were cash deficiencies resulting from the previous suspension of housing assistance payments. Effect: The replacement reserve was underfunded by $42,855 at June 30, 2019. The underfunding could result in the inability to pay for large repair and replacements costs at the property. Recommendation: We recommend that management make the necessary deposits to properly fund the replacement reserve.
MOUNT DAVID HOUSING, INC. CORRECTIVE ACTION PLAN For the Year Ended June 30, 2019 A. Comments on Findings and Recommendations Finding 2019-1 Material adjusting entries were required to present the financial statements in accordance with generally accepted accounting principles. Finding 2019-2 The replacement reserve was underfunded by $42,855 at June 30, 2019. Finding 2019-3 The financial statements were not electronically submitted to HUD by September 30, 2019. Finding 2019-4 At June 30, 2019, the Corporation was owed amounts from a related party. B. Action Taken or Planned Finding 2019-1 Accounting staff will reconcile accounts throughout the period and post adjusting entries in an effort to avoid significant audit adjustments in the future. Finding 2019-2 Replacement reserve deposits were initiated following the reinstatement of housing assistance payments. The replacement reserve will be properly funded at the completion of all outstanding audits. Finding 2019-3 All financial statements will be submitted to HUD by the project?s auditing firm at the completion of the outstanding audits. Finding 2019-4 After the completion of all outstanding audits, any amounts owed from related parties will be reconciled and resolved. Many of these amounts were on the financial statements at the time we took over management.
2018-002
The financial statements were not submitted within the required time frame. Cause: Failure to perform effectively designed controls relating to the use of project funds has impacted the submission of housing assistance payment requests, prohibiting the timely filing of the 6/30/2019 REAC submission. Effect: The financial statements will be submitted to HUD beyond the required deadline. Recommendation: We recommend that the financial statements be submitted to HUD within 90 days of the Corporation?s fiscal year end.
Show full finding ▾Hide full finding ▴Finding 2019-3 Criteria: Management is responsible for the timely filing of the financial statements to HUD within 90 days of the Corporation?s fiscal year end. Condition: The financial statements were not submitted within the required time frame. Cause: Failure to perform effectively designed controls relating to the use of project funds has impacted the submission of housing assistance payment requests, prohibiting the timely filing of the 6/30/2019 REAC submission. Effect: The financial statements will be submitted to HUD beyond the required deadline. Recommendation: We recommend that the financial statements be submitted to HUD within 90 days of the Corporation?s fiscal year end.
MOUNT DAVID HOUSING, INC. CORRECTIVE ACTION PLAN For the Year Ended June 30, 2019 A. Comments on Findings and Recommendations Finding 2019-1 Material adjusting entries were required to present the financial statements in accordance with generally accepted accounting principles. Finding 2019-2 The replacement reserve was underfunded by $42,855 at June 30, 2019. Finding 2019-3 The financial statements were not electronically submitted to HUD by September 30, 2019. Finding 2019-4 At June 30, 2019, the Corporation was owed amounts from a related party. B. Action Taken or Planned Finding 2019-1 Accounting staff will reconcile accounts throughout the period and post adjusting entries in an effort to avoid significant audit adjustments in the future. Finding 2019-2 Replacement reserve deposits were initiated following the reinstatement of housing assistance payments. The replacement reserve will be properly funded at the completion of all outstanding audits. Finding 2019-3 All financial statements will be submitted to HUD by the project?s auditing firm at the completion of the outstanding audits. Finding 2019-4 After the completion of all outstanding audits, any amounts owed from related parties will be reconciled and resolved. Many of these amounts were on the financial statements at the time we took over management.
2018-003
A related party receivable balance of $2,497 remained outstanding at June 30, 2019. Cause: Effectively designed controls over the use of project funds were not implemented. In addition, management was unaware that HUD approval was necessary for related party borrowings. Effect: Amounts were owed from a related party at year end. Recommendation: Related party receivables should be collected as soon as possible.
Show full finding ▾Hide full finding ▴Finding 2019-4 Criteria: HUD prohibits lending to related parties without prior written approval. Condition: A related party receivable balance of $2,497 remained outstanding at June 30, 2019. Cause: Effectively designed controls over the use of project funds were not implemented. In addition, management was unaware that HUD approval was necessary for related party borrowings. Effect: Amounts were owed from a related party at year end. Recommendation: Related party receivables should be collected as soon as possible.
MOUNT DAVID HOUSING, INC. CORRECTIVE ACTION PLAN For the Year Ended June 30, 2019 A. Comments on Findings and Recommendations Finding 2019-1 Material adjusting entries were required to present the financial statements in accordance with generally accepted accounting principles. Finding 2019-2 The replacement reserve was underfunded by $42,855 at June 30, 2019. Finding 2019-3 The financial statements were not electronically submitted to HUD by September 30, 2019. Finding 2019-4 At June 30, 2019, the Corporation was owed amounts from a related party. B. Action Taken or Planned Finding 2019-1 Accounting staff will reconcile accounts throughout the period and post adjusting entries in an effort to avoid significant audit adjustments in the future. Finding 2019-2 Replacement reserve deposits were initiated following the reinstatement of housing assistance payments. The replacement reserve will be properly funded at the completion of all outstanding audits. Finding 2019-3 All financial statements will be submitted to HUD by the project?s auditing firm at the completion of the outstanding audits. Finding 2019-4 After the completion of all outstanding audits, any amounts owed from related parties will be reconciled and resolved. Many of these amounts were on the financial statements at the time we took over management.
2018-004
FAC accepted this audit on July 19, 2021 — management decision was due January 19, 2022.
GSA_MIGRATION
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2017-002
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GSA_MIGRATION
2017-003
GSA_MIGRATION
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2017-004
FAC accepted this audit on July 19, 2021 — management decision was due January 19, 2022.
GSA_MIGRATION
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GSA_MIGRATION
2016-002
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2016-003
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2016-004
FAC accepted this audit on July 19, 2021 — management decision was due January 19, 2022.
GSA_MIGRATION
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2015-002
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2015-003
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2015-004
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