EIN: 204609810
UEI: XAHCJRFMCSY8
Audited by: CohnReznick 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 December 22, 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 22, 2026 (79 days ago).
What is a management decision? →FAC accepted this audit on February 6, 2025 — management decision was due August 6, 2025.
Department of Housing and Urban Development Finding No. 2024-001; Section 202 Capital Advance – Supportive Housing for the Elderly Criteria Residual receipts reserve deposits should be made within 90 days of year end. Condition During the year ended June 30, 2024, management did not make the required residual receipts reserve deposit in the amount of $12,574 within 90 days of year end, as required by HUD. The residual receipts amount was deposited on September 23, 2024. Cause Controls are not in place to ensure that required residual receipts reserve deposits are made timely. Effect or Potential Effect The Corporation is not in compliance with the requirements of the regulatory agreement. Questioned Costs There were no questioned costs. Context In connection with the procedures applied to test compliance with reserve requirements, there was one instance where management did not timely make the required residual receipts deposit in the amount of $12,574 for the year ended June 30, 2023 within 90 days of year end, as required by HUD. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should establish internal controls and procedures to ensure that required residual receipts reserve deposits are made timely. Auditor Noncompliance Code: B - Failure to make required residual receipts deposits. Finding Resolution Status: Resolved. The Project completed the required residual receipts deposit via wire transfer on September 23, 2024. Views of Responsible Officials Management concurs that the Project did not timely complete the required residual receipts deposit in the amount of $12,574 for the year ended June 30, 2023. Management further notes that they have re-trained staff, reaffirmed the review and approval process to ensure required residual receipt reserve deposits are completed timely. Management has made changes to internal controls to identify and make required residual receipt reserve deposits. It has completed the required residual receipt deposit.
Show full finding ▾Hide full finding ▴Department of Housing and Urban Development Finding No. 2024-001; Section 202 Capital Advance – Supportive Housing for the Elderly Criteria Residual receipts reserve deposits should be made within 90 days of year end. Condition During the year ended June 30, 2024, management did not make the required residual receipts reserve deposit in the amount of $12,574 within 90 days of year end, as required by HUD. The residual receipts amount was deposited on September 23, 2024. Cause Controls are not in place to ensure that required residual receipts reserve deposits are made timely. Effect or Potential Effect The Corporation is not in compliance with the requirements of the regulatory agreement. Questioned Costs There were no questioned costs. Context In connection with the procedures applied to test compliance with reserve requirements, there was one instance where management did not timely make the required residual receipts deposit in the amount of $12,574 for the year ended June 30, 2023 within 90 days of year end, as required by HUD. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should establish internal controls and procedures to ensure that required residual receipts reserve deposits are made timely. Auditor Noncompliance Code: B - Failure to make required residual receipts deposits. Finding Resolution Status: Resolved. The Project completed the required residual receipts deposit via wire transfer on September 23, 2024. Views of Responsible Officials Management concurs that the Project did not timely complete the required residual receipts deposit in the amount of $12,574 for the year ended June 30, 2023. Management further notes that they have re-trained staff, reaffirmed the review and approval process to ensure required residual receipt reserve deposits are completed timely. Management has made changes to internal controls to identify and make required residual receipt reserve deposits. It has completed the required residual receipt deposit.
1. Finding 2024-001 a. Comments on the Finding and Each Recommendation Management concurs that it failed to make required deposits into the Residual Receipt account in the amount of $12,574 for the year ended June 30, 2023, and acknowledges that there was no HUD approval for non-payment. b. Action(s) Taken or Planned on the Finding Management has initiated a transfer of funds into the Residual Receipt account as of 9/23/2024. The General Partner has also assigned a permanent Asset Manager to ensure required payments are made in accordance with agreements.
FAC accepted this audit on March 27, 2024 — management decision was due September 27, 2024.
FAC accepted this audit on October 17, 2022 — management decision was due April 17, 2023.
FAC accepted this audit on October 3, 2021 — management decision was due April 3, 2022.
FAC accepted this audit on October 29, 2020 — management decision was due April 29, 2021.
FAC accepted this audit on October 29, 2019 — management decision was due April 29, 2020.
FAC accepted this audit on October 26, 2018 — management decision was due April 26, 2019.
FAC accepted this audit on October 16, 2017 — management decision was due April 16, 2018.
FAC accepted this audit on November 7, 2016 — management decision was due May 7, 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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