EIN: 216000739
UEI: TDEJU7ZH9PS4
Audited by: GIAMPAOLO & ASSOCIATES
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 2, 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 (75 days ago).
What is a management decision? →FAC accepted this audit on December 27, 2024 — management decision was due June 27, 2025.
FAC accepted this audit on December 28, 2023 — management decision was due June 28, 2024.
FAC accepted this audit on December 21, 2022 — management decision was due June 21, 2023.
FAC accepted this audit on March 20, 2022 — management decision was due September 20, 2022.
FAC accepted this audit on June 24, 2021 — management decision was due December 24, 2021.
FAC accepted this audit on January 13, 2020 — management decision was due July 13, 2020.
FINDINGS ? FINANCIAL STATEMENT AUDIT Required to be Reported under Government Auditing Standards Significant Deficiency Finding #2019-001: Use of Public and Indian Public Housing Funds for COCC Public and Indian Public Housing Program ? CFDA# 14.850 This finding was repeated from March 2014, 2015, 2016, 2017 and 2018 audit periods Condition The central office cost center (COCC) fund reported unrestricted net position of ($159,840) net of OPEB liability. Public and Indian Public Housing funds can only be used for Public and Indian Public Housing project costs and should not be loaned to COCC fund for administrative expenses. Criteria The Authority should use or loaned Federal funds for COCC administrative expenses. Cause The COCC experienced losses in the past which were funded from Public and Indian Public Housing rent operations. Effect The Authority advanced COCC program funds with Federal program funds to date in the amount of $159,840. Known Question cost = $159,840 Recommendation The Authority should continue to execute their plan for COCC to repay Public and Indian Public Housing. Management?s Response Between staff retirements, personnel restructuring, and continuation of its inter-government service agreement with Long Branch Housing Authority, the Authority successfully capped COCC expense levels and reduced the accumulated deficit from ($1,886,046) in 2014 to ($1,720,114) in 2015 and to ($1,186,443) in 2016 and to (901,561) in 2017, and to (468,225) in 2018 and to ($159,840) in 2019. The Authority has further restructured its COCC staffing following the termination of its inter-governmental service agreement in August 2018 with the intent of remaining self-sufficient while operationally and financially efficient. The Authority is currently in the process of evaluating and revising its CFP budget(s) to ensure that it is utilizing administrative line items to fond allowable costs. The Authority will also continue to pursue its rehabilitation and redevelopment efforts with mixed-finance programs. The funding from these programs will allow the Authority to upgrade current portfolios and restructure its financial position by reducing its reliance on Federal subsidies. 78 HOUSING AUTHORITY OF THE CITY OF ASBURY PARK Schedule of Findings and Questioned Cost -Continued Year Ended March 31, 2019 FINDINGS ? REQUIRED TO BE REPORTED UNDER UNIFORM GUIDANCE Finding #2019-001: Use of Public and Indian Public Housing Funds for COCC Public and Indian Public Housing Program ? CFDA# 14.850 This finding was repeated from March 2014, 2015, 2016, 2017, and 2018 audit periods Significant Deficiency Condition The central office cost center (COCC) fund reported unrestricted net position of ($159,840) net of OPEB liability. Public and Indian Public Housing funds can only be used for Public and Indian Public Housing project costs and should not be loaned to COCC fund for administrative expenses. Criteria The Authority should use or loaned Federal funds for COCC administrative expenses. Cause The COCC experienced losses in the past which were funded from Public and Indian Public Housing rent operations. Effect The Authority advanced COCC program funds with Federal program funds to date in the amount of $159,840. Known Question cost = $159,840. Recommendation The Authority should continue to execute their plan for COCC to repay Public and Indian Public Housing. Management?s Response Between staff retirements, personnel restructuring, and continuation of its inter-government service agreement with Long Branch Housing Authority, the Authority successfully capped COCC expense levels and reduced the accumulated deficit from ($1,886,046) in 2014 to ($1,720,114) in 2015 and to ($1,186,443) in 2016 and to (901,561) in 2017, and to (468,225) in 2018 and to ($159,840) in 2019. The Authority has further restructured its COCC staffing following the termination of its inter-governmental service agreement in August 2018 with the intent of remaining self-sufficient while operationally and financially efficient. The Authority is currently in the process of evaluating and revising its CFP budget(s) to ensure that it is utilizing administrative line items to fond allowable costs. The Authority will also continue to pursue its rehabilitation and redevelopment efforts with mixed-finance programs. The funding from these programs will allow the Authority to upgrade current portfolios and restructure its financial position by reducing its reliance on Federal subsidies
Show full finding ▾Hide full finding ▴FINDINGS ? FINANCIAL STATEMENT AUDIT Required to be Reported under Government Auditing Standards Significant Deficiency Finding #2019-001: Use of Public and Indian Public Housing Funds for COCC Public and Indian Public Housing Program ? CFDA# 14.850 This finding was repeated from March 2014, 2015, 2016, 2017 and 2018 audit periods Condition The central office cost center (COCC) fund reported unrestricted net position of ($159,840) net of OPEB liability. Public and Indian Public Housing funds can only be used for Public and Indian Public Housing project costs and should not be loaned to COCC fund for administrative expenses. Criteria The Authority should use or loaned Federal funds for COCC administrative expenses. Cause The COCC experienced losses in the past which were funded from Public and Indian Public Housing rent operations. Effect The Authority advanced COCC program funds with Federal program funds to date in the amount of $159,840. Known Question cost = $159,840 Recommendation The Authority should continue to execute their plan for COCC to repay Public and Indian Public Housing. Management?s Response Between staff retirements, personnel restructuring, and continuation of its inter-government service agreement with Long Branch Housing Authority, the Authority successfully capped COCC expense levels and reduced the accumulated deficit from ($1,886,046) in 2014 to ($1,720,114) in 2015 and to ($1,186,443) in 2016 and to (901,561) in 2017, and to (468,225) in 2018 and to ($159,840) in 2019. The Authority has further restructured its COCC staffing following the termination of its inter-governmental service agreement in August 2018 with the intent of remaining self-sufficient while operationally and financially efficient. The Authority is currently in the process of evaluating and revising its CFP budget(s) to ensure that it is utilizing administrative line items to fond allowable costs. The Authority will also continue to pursue its rehabilitation and redevelopment efforts with mixed-finance programs. The funding from these programs will allow the Authority to upgrade current portfolios and restructure its financial position by reducing its reliance on Federal subsidies. 78 HOUSING AUTHORITY OF THE CITY OF ASBURY PARK Schedule of Findings and Questioned Cost -Continued Year Ended March 31, 2019 FINDINGS ? REQUIRED TO BE REPORTED UNDER UNIFORM GUIDANCE Finding #2019-001: Use of Public and Indian Public Housing Funds for COCC Public and Indian Public Housing Program ? CFDA# 14.850 This finding was repeated from March 2014, 2015, 2016, 2017, and 2018 audit periods Significant Deficiency Condition The central office cost center (COCC) fund reported unrestricted net position of ($159,840) net of OPEB liability. Public and Indian Public Housing funds can only be used for Public and Indian Public Housing project costs and should not be loaned to COCC fund for administrative expenses. Criteria The Authority should use or loaned Federal funds for COCC administrative expenses. Cause The COCC experienced losses in the past which were funded from Public and Indian Public Housing rent operations. Effect The Authority advanced COCC program funds with Federal program funds to date in the amount of $159,840. Known Question cost = $159,840. Recommendation The Authority should continue to execute their plan for COCC to repay Public and Indian Public Housing. Management?s Response Between staff retirements, personnel restructuring, and continuation of its inter-government service agreement with Long Branch Housing Authority, the Authority successfully capped COCC expense levels and reduced the accumulated deficit from ($1,886,046) in 2014 to ($1,720,114) in 2015 and to ($1,186,443) in 2016 and to (901,561) in 2017, and to (468,225) in 2018 and to ($159,840) in 2019. The Authority has further restructured its COCC staffing following the termination of its inter-governmental service agreement in August 2018 with the intent of remaining self-sufficient while operationally and financially efficient. The Authority is currently in the process of evaluating and revising its CFP budget(s) to ensure that it is utilizing administrative line items to fond allowable costs. The Authority will also continue to pursue its rehabilitation and redevelopment efforts with mixed-finance programs. The funding from these programs will allow the Authority to upgrade current portfolios and restructure its financial position by reducing its reliance on Federal subsidies
Corrective Action Plan Cognizant or Oversight Agency for Audit ? Department of Housing and Urban Development The Housing Authority of the City of Asbury Park respectfully submits the following corrective action plan for the year ended March 31, 2019. Name and address of independent public accounting firm: Hymanson, Parnes and Giampaolo 467 Middletown-Lincroft Rd. Lincroft, New Jersey 07738 Audit Period ? March 31, 2019 The findings from the March 31, 2019 schedule of findings and questioned cost are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. Findings ? Federal Award Programs Audits Finding #2019-001: Use of Public and Indian Housing Funds for COCC Department of Housing and Urban Development SIGNIFICANT DEFICIENCY Compliance Requirement ? Cash Management Public and Indian Public Housing Program ? CFDA# 14.850 This finding was repeated from March 2014, 2015, 2016, 2017 and 2018 audit periods Condition The central office cost center (COCC) fund reported unrestricted net position of ($159,840) net of OPEB liability. Public and Indian Public Housing funds can only be used for Public and Indian Public Housing project costs and should not be loaned to COCC fund for administrative expenses. 1 HOUSING AUTHORITY OF THE CITY OF ASBURY PARK Corrective Action Plan - Continued Year Ended March 31, 2019 Cause The COCC experienced losses in the past which were funded from Public and Indian Public Housing rent operations. Management?s Response Between staff retirements, personnel restructuring, and continuation of its inter-government service agreement with Long Branch Housing Authority, the Authority successfully capped COCC expense levels and reduced the accumulated deficit from ($1,886,046) in 2014 to ($1,720,114) in 2015 and to ($1,186,443) in 2016 and to (901,561) in 2017, and to (468,225) in 2018 and to ($159,840) in 2019. The Authority has further restructured its COCC staffing following the termination of its inter-governmental service agreement in August 2018 with the intent of remaining self-sufficient while operationally and financially efficient. The Authority is currently in the process of evaluating and revising its CFP budget(s) to ensure that it is utilizing administrative line items to fond allowable costs. The Authority will also continue to pursue its rehabilitation and redevelopment efforts with mixed-finance programs. The funding from these programs will allow the Authority to upgrade current portfolios and restructure its financial position by reducing its reliance on Federal subsidies. Anticipated Correction Date: March 2020
2018-001
FAC accepted this audit on December 4, 2018 — management decision was due June 4, 2019.
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2017-001
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FAC accepted this audit on December 12, 2017 — management decision was due June 12, 2018.
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2016-001
FAC accepted this audit on November 14, 2016 — management decision was due May 14, 2017.
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2015-001
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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