EIN: 060987679
UEI: N7FBDHUL8737
Audited by: Bailey Moore Glazer Schaeffer & Proto LLP
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 September 30, 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 March 30, 2026 (164 days ago).
What is a management decision? →Not-for-profit projects are generally not allowed to make distributions of project funds. Condition: A distribution was made to the Project sponsor in the amount of $488,052. The Project would have been allowed a distribution of $75,476 under the terms of the GRP grant program they participated in. Cause of Condition: The Project under went a conversion to a mark-to-market rent structure. There was some confusion about the ability to distribute excess funds based on this conversion. Effect of Condition: Residual receipts account is under funded by $412,576. Recommendations: The Project has applied to HUD for a waiver of the distribution limitation retroactively to last year and forward to future years. This request is still pending. Should the request be denied the sponsor will return the distributed funds in excess of the amount allowed by the GRP grant terms.
Show full finding ▾Hide full finding ▴Finding number :2024-001 ALN: 14.155 Mortgage Insurance Grantor: HUD Questioned Costs$0 Description of Condition: Not-for-profit projects are generally not allowed to make distributions of project funds. Condition: A distribution was made to the Project sponsor in the amount of $488,052. The Project would have been allowed a distribution of $75,476 under the terms of the GRP grant program they participated in. Cause of Condition: The Project under went a conversion to a mark-to-market rent structure. There was some confusion about the ability to distribute excess funds based on this conversion. Effect of Condition: Residual receipts account is under funded by $412,576. Recommendations: The Project has applied to HUD for a waiver of the distribution limitation retroactively to last year and forward to future years. This request is still pending. Should the request be denied the sponsor will return the distributed funds in excess of the amount allowed by the GRP grant terms.
Action Taken: The Project is waiting for HUD’s approval on the waiver. If the waiver is denied the sponsor will return the distributed funds in excess of the amount allowed by the GPR grant terms and deposit them into a Residual Receipts account. If the waiver is approved the sponsor will be allowed to retain the distributed funds.
FAC accepted this audit on December 10, 2024 — management decision was due June 10, 2025.
FAC accepted this audit on October 3, 2023 — management decision was due April 3, 2024.
FAC accepted this audit on September 29, 2022 — management decision was due March 29, 2023.
FAC accepted this audit on November 17, 2021 — management decision was due May 17, 2022.
FAC accepted this audit on September 29, 2020 — management decision was due March 29, 2021.
FAC accepted this audit on July 29, 2019 — management decision was due January 29, 2020.
FAC accepted this audit on April 22, 2018 — management decision was due October 22, 2018.
FAC accepted this audit on May 3, 2017 — management decision was due November 3, 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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