EIN: 221761485
UEI: FRMBT85J98V6
Audited by: HOLMAN FRENIA ALLISON, P.C.
Oversight agency: 14 [Department of Housing and Urban Development]
View federal awards & risk assessment →
Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on August 12, 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 February 12, 2027 (167 days from today).
What is a management decision? →Criteria: Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end. Condition and Context: The financial information for the year ended December 31, 2024, included errors in certain accounts that were the result of ineffective monitoring procedures and/or closing processes throughout the year. These errors can cause misstatements in the financial statements, and in certain circumstances resulted in proposed audit adjustments. Section III – Federal Expenditures and Findings and Questioned Costs (continued) Finding 2024-003: Lateness in Submission of Single Audit (continued) Cause: Because these errors were not detected prior to the information being provided for audit, there is an indication that the closing procedures, specifically the monitoring and review of financial information by management, is not being effectively performed. This will ultimately cause significant errors in the financial records and financial statements as well as allow possible irregularities, including fraud, to possibly exist without notice. Effect: The Authority did not submit the federal single audit for the year ended December 31, 2024, within the established deadline of September 30, 2025.
Show full finding ▾Hide full finding ▴Criteria: Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end. Condition and Context: The financial information for the year ended December 31, 2024, included errors in certain accounts that were the result of ineffective monitoring procedures and/or closing processes throughout the year. These errors can cause misstatements in the financial statements, and in certain circumstances resulted in proposed audit adjustments. Section III – Federal Expenditures and Findings and Questioned Costs (continued) Finding 2024-003: Lateness in Submission of Single Audit (continued) Cause: Because these errors were not detected prior to the information being provided for audit, there is an indication that the closing procedures, specifically the monitoring and review of financial information by management, is not being effectively performed. This will ultimately cause significant errors in the financial records and financial statements as well as allow possible irregularities, including fraud, to possibly exist without notice. Effect: The Authority did not submit the federal single audit for the year ended December 31, 2024, within the established deadline of September 30, 2025.
Recommendation: The federal single audit report must be submitted to the FAC in accordance with the deadlines set forth in the federal guidelines.
2023-003
FAC accepted this audit on November 10, 2025 — management decision was due May 10, 2026.
Lateness in Submission of Single Audit Criteria: Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end. Condition and Context: The financial information for the year ended December 31, 2023, included errors in certain accounts that were the result of ineffective monitoring procedures and/or closing processes throughout the year. These errors can cause misstatements in the financial statements, and in certain circumstances resulted in proposed audit adjustments. Cause: Because these errors were not detected prior to the information being provided for audit, there is an indication that the closing procedures, specifically the monitoring and review of financial information by management, is not being effectively performed. This will ultimately cause significant errors in the financial records and financial statements as well as allow possible irregularities, including fraud, to possibly exist without notice. Effect: The Authority did not submit the federal single audit for the year ended December 31, 2023, within the established deadline of September 30, 2024.
Show full finding ▾Hide full finding ▴Lateness in Submission of Single Audit Criteria: Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end. Condition and Context: The financial information for the year ended December 31, 2023, included errors in certain accounts that were the result of ineffective monitoring procedures and/or closing processes throughout the year. These errors can cause misstatements in the financial statements, and in certain circumstances resulted in proposed audit adjustments. Cause: Because these errors were not detected prior to the information being provided for audit, there is an indication that the closing procedures, specifically the monitoring and review of financial information by management, is not being effectively performed. This will ultimately cause significant errors in the financial records and financial statements as well as allow possible irregularities, including fraud, to possibly exist without notice. Effect: The Authority did not submit the federal single audit for the year ended December 31, 2023, within the established deadline of September 30, 2024.
Recommendation: The federal single audit report must be submitted to the FAC in accordance with the deadlines set forth in the federal guidelines. Management’s Response: Management recognizes the need to submit federal single audit reports to the FAC in accordance with federal deadlines in order to remain compliant with requirements. Management will make an effort to correct their timeliness and file their federal single audits within the appropriate deadlines going forward.
2022-003
FAC accepted this audit on November 18, 2024 — management decision was due May 18, 2025.
Lateness in Submission of Single Audit Criteria: Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end. Condition and Context: The financial information for the year ended December 31, 2022, included errors in certain accounts that were the result of ineffective monitoring procedures and/or closing processes throughout the year. These errors can cause misstatements in the financial statements, and in certain circumstances resulted in proposed audit adjustments. Cause: Because these errors were not detected prior to the information being provided for audit, there is an indication that the closing procedures, specifically the monitoring and review of financial information by management, is not being effectively performed. This will ultimately cause significant errors in the financial records and financial statements as well as allow possible irregularities, including fraud, to possibly exist without notice. Effect: The Authority did not submit the federal single audit for the year ended December 31, 2022, within the established deadline of September 30, 2023.
Show full finding ▾Hide full finding ▴Lateness in Submission of Single Audit Criteria: Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end. Condition and Context: The financial information for the year ended December 31, 2022, included errors in certain accounts that were the result of ineffective monitoring procedures and/or closing processes throughout the year. These errors can cause misstatements in the financial statements, and in certain circumstances resulted in proposed audit adjustments. Cause: Because these errors were not detected prior to the information being provided for audit, there is an indication that the closing procedures, specifically the monitoring and review of financial information by management, is not being effectively performed. This will ultimately cause significant errors in the financial records and financial statements as well as allow possible irregularities, including fraud, to possibly exist without notice. Effect: The Authority did not submit the federal single audit for the year ended December 31, 2022, within the established deadline of September 30, 2023.
Recommendation: The federal single audit report must be submitted to the FAC in accordance with the deadlines set forth in the federal guidelines. Management’s Response: Management recognizes the need to submit federal single audit reports to the FAC in accordance with federal deadlines in order to remain compliant with requirements. Management will make an effort to correct their timeliness and file their federal single audits within the appropriate deadlines going forward.
2021-003
FAC accepted this audit on August 22, 2024 — management decision was due February 22, 2025.
The Authority does not currently have a formal close process and does not maintain its general ledger in accordance with generally accepted accounting principles (GAAP). We specifically noted the following issues:Formal Close Process Criteria: Generally accepted accounting principles in the United States of America provides that the design or operation of an internal control structure over financial reporting allows management or employees in the normal course of performing their assigned functions to prevent, or detect and correct, misstatements on a timely basis. This includes the need for an individual, not directly involved in the preparation of transactions or financial statement amounts, to provide a review of the work performed. There appears to be a general lack of control consciousness within the Authority.
Show full finding ▾Hide full finding ▴The Authority does not currently have a formal close process and does not maintain its general ledger in accordance with generally accepted accounting principles (GAAP). We specifically noted the following issues:Formal Close Process Criteria: Generally accepted accounting principles in the United States of America provides that the design or operation of an internal control structure over financial reporting allows management or employees in the normal course of performing their assigned functions to prevent, or detect and correct, misstatements on a timely basis. This includes the need for an individual, not directly involved in the preparation of transactions or financial statement amounts, to provide a review of the work performed. There appears to be a general lack of control consciousness within the Authority.
Recommendation: We recommend the Authority implement a formalized closing process at least on an annual basis for all financial statement areas. The close process should include an in-depth analysis of all significant accounts, including recording all prior-year audit entries. All significant accounts should have supporting schedules that are prepared and reviewed by separate individuals within the Authority to ensure proper segregation of duties. Furthermore, supporting schedules should agree to the corresponding general ledger accounts. Implementation of these recommendations will improve financial reporting processes and internal controls of the Authority and result in a financial close with minimal proposed adjusting entries. Management’s response: Management will ensure proper segregation of duties and enhanced oversight, providing improved internal controls. Financial procedures and standard operating procedures will be revised, formalized and put into place.
Criteria: The Division of Local Government Services (DLGS), Department of Community Affairs, State of New Jersey, requires audited financial statement to be filed timely within the established deadline of September 30, 2022.
Show full finding ▾Hide full finding ▴Criteria: The Division of Local Government Services (DLGS), Department of Community Affairs, State of New Jersey, requires audited financial statement to be filed timely within the established deadline of September 30, 2022.
Recommendation: The Authority should implement a formalized close process to ensure the Authority’s financial statements are filed with the established deadline with the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Management’s Response: Management recognizes the need to submit their audit report to the Division of Local Government Services, Department of Community Affairs, State of New Jersey within established deadlines to remain compliant with requirements. Management will make an effort to correct their timeliness and file their audits within the appropriate deadlines going forward.
Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end.
Show full finding ▾Hide full finding ▴Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end.
Recommendation: The federal single audit report must be submitted to the FAC in accordance with the deadlines set forth in the federal guidelines. Management’s Response: Management recognizes the need to submit federal single audit reports to the FAC in accordance with federal deadlines in order to remain compliant with requirements. Management will make an effort to correct their timeliness and file their federal single audits within the appropriate deadlines going forward.
FAC accepted this audit on August 26, 2020 — management decision was due February 26, 2021.
FAC accepted this audit on August 19, 2019 — management decision was due February 19, 2020.
FAC accepted this audit on May 18, 2018 — management decision was due November 18, 2018.
FAC accepted this audit on June 18, 2017 — management decision was due December 18, 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.
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Monitor subrecipient audit findings and filing records.
Start monitoring →© 2026 Single Audit Intelligence. All data is public domain.
