EIN: 112577741
UEI: FBK6M7TG5FM1
Audited by: HOBERMAN & LESSER CPAS, 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 2, 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 2, 2026 (2 days from today).
What is a management decision? →Criteria - The Housing Company’s regulatory agreement with HUD requires the Housing Company to maintain a Residual Receipts Reserve. Condition - During the audit, we determined that the residual receipts reserve was not funded during the refinance of the mortgage. Effects - The Housing Company is not in compliance with the Regulatory Agreement. Cause - During the mortgage refinancing, the new mortgage company failed to create and properly fund the residual receipts reserve. Recommendation - The Housing Company should create and fund the Residual Receipts Reserve account immediately. Views of Responsible Official The Housing Company agrees with the finding and will adhere to the corrective action plan.
Show full finding ▾Hide full finding ▴Criteria - The Housing Company’s regulatory agreement with HUD requires the Housing Company to maintain a Residual Receipts Reserve. Condition - During the audit, we determined that the residual receipts reserve was not funded during the refinance of the mortgage. Effects - The Housing Company is not in compliance with the Regulatory Agreement. Cause - During the mortgage refinancing, the new mortgage company failed to create and properly fund the residual receipts reserve. Recommendation - The Housing Company should create and fund the Residual Receipts Reserve account immediately. Views of Responsible Official The Housing Company agrees with the finding and will adhere to the corrective action plan.
Recommendation: The Housing Company should create and fund the Residual Receipts account. Comments on the Finding and Each Recommendation: Management concurs with the finding and auditor's recommendation to fund the reserve account. Action Taken: The Housing Company funded the reserve account on September 30, 2025.
FAC accepted this audit on October 25, 2024 — management decision was due April 25, 2025.
FAC accepted this audit on October 25, 2023 — management decision was due April 25, 2024.
FAC accepted this audit on October 26, 2022 — management decision was due April 26, 2023.
FAC accepted this audit on October 24, 2021 — management decision was due April 24, 2022.
FAC accepted this audit on October 26, 2020 — management decision was due April 26, 2021.
FAC accepted this audit on October 17, 2019 — management decision was due April 17, 2020.
FAC accepted this audit on October 18, 2018 — management decision was due April 18, 2019.
FAC accepted this audit on October 12, 2017 — management decision was due April 12, 2018.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴FAC accepted this audit on October 5, 2016 — management decision was due April 5, 2017.
GSA_MIGRATION
Show full finding ▾Hide full finding ▴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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