EIN: 043074487
UEI: PN5ELTZHPY49
Audited by: CBIZ CPAs P.C.
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 30, 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 30, 2026 (17 days from today).
What is a management decision? →FAC accepted this audit on May 29, 2025 — management decision was due November 29, 2025.
Significant Deficiency #2024-003 Mortgage insurance for the purchase or refinance of existing multifamily housing projects AL #14.155 - Special Tests and Provisions (Replacement Reserve and Residual Receipts Accounts) Criteria Under the Uniform Guidance Special Test requirements, the Project is required to maintain sufficient internal controls to ensure compliance with special tests. Condition During our audit procedures we noted that there are weaknesses in internal controls over replacement reserve and residual receipts accounts. There is no documentation of these accounts being reviewed by management. Cause of Condition The Project didn’t have adequate controls in place to ensure that replacement reserve and residual receipts required deposits are made in accordance with the Uniform Guidance requirements. Effect If the control process is not documented, it is not possible to determine if the controls are designed and applied consistently. The inadequate documentation of the components of internal controls could result in an inability to appropriately monitor the effectiveness of the internal controls. Questioned Costs: None Identification as a Repeat Finding, if applicable – No Recommendation We recommend that management implement a process to document formal review and approvals of replacement reserve and residual receipts accounts. Management’s Response Please see Project’s Corrective Action Plan included in this reporting package.
Show full finding ▾Hide full finding ▴Significant Deficiency #2024-003 Mortgage insurance for the purchase or refinance of existing multifamily housing projects AL #14.155 - Special Tests and Provisions (Replacement Reserve and Residual Receipts Accounts) Criteria Under the Uniform Guidance Special Test requirements, the Project is required to maintain sufficient internal controls to ensure compliance with special tests. Condition During our audit procedures we noted that there are weaknesses in internal controls over replacement reserve and residual receipts accounts. There is no documentation of these accounts being reviewed by management. Cause of Condition The Project didn’t have adequate controls in place to ensure that replacement reserve and residual receipts required deposits are made in accordance with the Uniform Guidance requirements. Effect If the control process is not documented, it is not possible to determine if the controls are designed and applied consistently. The inadequate documentation of the components of internal controls could result in an inability to appropriately monitor the effectiveness of the internal controls. Questioned Costs: None Identification as a Repeat Finding, if applicable – No Recommendation We recommend that management implement a process to document formal review and approvals of replacement reserve and residual receipts accounts. Management’s Response Please see Project’s Corrective Action Plan included in this reporting package.
Planned Corrective Action: Monthly bank reconciliations and journal entries are completed by staff accountants and reviewed by the Chief Financial Officer. Historically, this process has not been documented as files are retained electronically and our accounting software, Resman, does not offer the functionality of in-system approvals. In 2025, we will implement a control to document this review process. Planned Implementation Date of Corrective Action: Fiscal year ending 2025, we will implement a control to document this review process.
Criteria Replacement reserve disbursements should be made for only HUD approved purposes according to HUD guidelines. Condition During our audit procedures we noted that a disbursement was made for the same expense twice. Cause of Condition The control in place over replacement reserve disbursements did not detect the error due to two separate employees requesting disbursement on same invoice independently. Effect Due to the weakness in internal controls and compliance finding noted above, there is a risk of federal funds being expended on activities that are not allowed. Questioned Costs: $4,230 Identification as a Repeat Finding, if applicable – No Recommendation We recommend that management review their current policies and procedures and establish adequate internal controls related to replacement reserve disbursements. In addition, we recommend the Project return the funds to the replacement reserve account. Management’s Response Please see Project’s Corrective Action Plan included in this reporting package.
Show full finding ▾Hide full finding ▴Criteria Replacement reserve disbursements should be made for only HUD approved purposes according to HUD guidelines. Condition During our audit procedures we noted that a disbursement was made for the same expense twice. Cause of Condition The control in place over replacement reserve disbursements did not detect the error due to two separate employees requesting disbursement on same invoice independently. Effect Due to the weakness in internal controls and compliance finding noted above, there is a risk of federal funds being expended on activities that are not allowed. Questioned Costs: $4,230 Identification as a Repeat Finding, if applicable – No Recommendation We recommend that management review their current policies and procedures and establish adequate internal controls related to replacement reserve disbursements. In addition, we recommend the Project return the funds to the replacement reserve account. Management’s Response Please see Project’s Corrective Action Plan included in this reporting package.
Planned Corrective Action: Property managers track eligible invoices and submit periodic requests for reimbursement from replacement reserves. During a staff transition in the position, an invoice was inadvertently included in two requests. Planned Implementation Date of Corrective Action: Fiscal year ended 2025, accounting will review reimbursement requests do not include duplicative invoices.
FAC accepted this audit on May 17, 2024 — management decision was due November 17, 2024.
FAC accepted this audit on June 27, 2023 — management decision was due December 27, 2023.
FAC accepted this audit on January 22, 2023 — management decision was due July 22, 2023.
FAC accepted this audit on July 28, 2021 — management decision was due January 28, 2022.
FAC accepted this audit on June 8, 2020 — management decision was due December 8, 2020.
FAC accepted this audit on May 1, 2019 — management decision was due November 1, 2019.
FAC accepted this audit on April 4, 2018 — management decision was due October 4, 2018.
FAC accepted this audit on May 16, 2017 — management decision was due November 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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