EIN: 043128198
UEI: QGNGHSYFM861
Data as of August 21, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on November 5, 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 May 5, 2025 (474 days ago).
What is a management decision? →Through our testing of the 12 monthly replacement reserve deposits, we noted the Project did not make 9 monthly deposits totaling $41,243 within the year under audit. Cause: The Project experienced cash flow shortages that caused delay of the Project's replacement reserve deposits. Effect: The Project replacement reserve account was underfunded during the year. Questioned Cost: None noted Recommendation: Establish effective budgeted cash flow projections for the fiscal year in order to plan for and timely resolve any liquidity issues. Management's Views and Corrective Action Plan Management's response is included in "Management's View and Corrective Action Plan" at the end of this report after the schedule of findings and questioned cost.
Show full finding ▾Hide full finding ▴2024-001 Funding of Replacement Reserve Criteria: According to 24 CFR 891.605, the Project shall make monthly deposits to the replacement reserve account in an amount determined by HUD. Condition: Through our testing of the 12 monthly replacement reserve deposits, we noted the Project did not make 9 monthly deposits totaling $41,243 within the year under audit. Cause: The Project experienced cash flow shortages that caused delay of the Project's replacement reserve deposits. Effect: The Project replacement reserve account was underfunded during the year. Questioned Cost: None noted Recommendation: Establish effective budgeted cash flow projections for the fiscal year in order to plan for and timely resolve any liquidity issues. Management's Views and Corrective Action Plan Management's response is included in "Management's View and Corrective Action Plan" at the end of this report after the schedule of findings and questioned cost.
The project deposited the reserve funds due in July of 2024. The project plans to expand on its cash flow forecasting and monitor actual cash flow against projections.Replacement reserve deposit will be made ii a timely fashion going forward. Anticipated comletion date : July 31,2024. Responsible contact person Li Huang- Assistant Controller- First Realty Management
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